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Sweden: Where the job 
policies succeed 
almo st too well. Page 2 

No: 30,385 


Tuesday November 10 1987 

D 8523 A 

World News 

Senate told 

World-wide . temperatures 
would rise dramatically in the' 
next 20 years, with severe ef- 
fects on weather and . climate, 
unless mankind reduced its de- 
pendence on fossil fuels, scien- 
tists told a Senate hearing in 

Meanwhile in Denmark a cli- 
mate expert told an environ- 
mental conference organised by 
the European Parliament and 
Danish Environment Protection 
Agency that pollution was a 
'chemical time bomb* which 
could raise global temperatures 
to dangerous levels. ■ . 

In Bonn, West German scien- 
tists said a three-year study had 
revealed that North Sea pollu- 
tion was worse than presumed. 
The sea was absorbing heavy 
metals carried by winds from 
industries In mid-west England 
and the German Rohr area. 

European space row 

France and Britain, clashed 
over Western Europe’s pro- 
pos ed s pace programme, with ■; 
the UK suggesting that the 13 
European Space Agency na- 
tions were being asked to spend 
large sums on projects aimed at 
meeting French aspirations. 
Page 28 

N-test negotiations 

The US and Soviet Union start- 
ed their first negotiations in 
seven years on curbing nuclear 
test explosions. A US official in 
Geneva said two ' agreements - 
could be ready in six months. 

Lebanese peace caU 

More than <XMM)0 Christian and 
Moslem Lebanese tore down 
barriers along Beirut’s 'Green 
Line* and embraced in a united 
demand for an'end to their war. 
Protestors in Tripoli, Sidon and 
Tyre clamoured for the Govern*, 
meat’s downfall. 

Terrorist N-threat 

The risk was rising that terror- 
ists could steal radioactive ma- 
terials and use them to build 
nuclear weapons, a US Defence 
Department report said. 

Colombo bomb kills 32 

Thirty-two people were killed 
and 106 wounded by a car-bomb 
in a suburb of Colombo, Sri Lan- 
ka, while President Junius Jay- 
ewardene was discussing two 
bills aimed at ending the four- 
year Tamil rebellion. Earlier re- 
port, Page 28 

US bases discussed 

Negotiations between the US 
and Greece on the future of the . 
four American military bases in 
Greece began In Athens. The 
present agreement on their op- 
eration expires in December 
next year. Page 2 

Dhaka demo violence 

At least 2fr people were injured 
when police in Dhaka used 
tear-gas and batons to breakup 
crowds of opposition supporters 
defying a ban on demonstra- 
tions in the Bangladesh capitaL 

EC to aid Africans 

EC ministers approved a 8120m . 
aid programme aimed at. help- 
ing sub-Saharan African states' 
pay for vital imports. 

Referendum* shunned 

Early results indicated a low- 
turn-out by Italians for referen- 
dums on legal reform and nu- 
clear power. Page 3 

FAO chief re-elected 

Edouard Saouma of Lebanon, 
director-general of . the UN 
Food and Agriculture Organisa- 
tion, was elected to an unprece- 
dented third six-year term. Page - 

Ruhr Olympics bid 

West Germany's Ruhr industrial 
region applied to host the next ■ 
available Summer Olympics, ei- 
ther in 1966 or later. 


Business Summaiy 

Toyota to 
expand US 
car plant 

TOYOTA, leading Japanese car 
manufacturer, saldit would add 
a 8900m engine and transmis - 1 
sion plant to the 8800m car as - 1 
sembfy operation , which it is al- 
ready constructing in the US. i 
Page 29 

UNISYS, US computer mannfac- j 
turer, has agreed to acquire Ti- 1 
meplex, voice/data networking i 
technology company with earn- 
ings of gl&5m on revenues of 
9147.2m for year ended June 30. 
Page 29 

LONDON: Uncertainty over the 
direction ofthe dollar and over- 
seas markets left share prices , 
sharply lower. Gilts surged 
higher on prospects for a rar- 

FT Indices I 

FT-SE100 I 

Small-town kid sets his sights on the political big time 

I October 1987 Nov I 

tiler cut in . interest rates. The 
FT-SE 100 index closed down 
55,6 at L565 l 2 and the FT Ordi- 
nary index lost 42D to 12320 ! 
Details Page 48 

TOKYO: Worries over the yen's 
continued rise against the dol- 
lar depressed equities for the 
second successive session. The 
Nikkei- average lost 21&64 to 
close at 22,41837. Page 32 

WALL ST8EET: At ' 2pm the 
Dow Jones industrial average 
was down 5151 atd,9045L Page 

58 .’-. -■ 

DfcESSEnk industries, diversi- 
fied US engineering group, is in 
negotiations with Orenstein and 
KOpped of West Germany to 
merge' some of the two compa- 
nies* earthmoving machinery 
businesses. Page 29 

ROYAL Bankef Canada is hold- 
ing talks with Dominion Securi- 
ties and other Canadian invest- 
ment dealers, but will make a 
brokerage acquisition only at 
the right time and siad. ' 
Page 29 

PARIBAS, recently privatised 
French hanking group, raised 
profits 5 per-cent in the first 
haif;to-FF*973)h (8170.7m), ex- 
cluding minorities Page 39 , 

MOULINEX, troubled French 
kitchen equipment manufactur- 
er, should be breaking even by 
the year end and is sticking to; 
its forecast of a FFr42m ($7.3710 
loss this year, after losing 1 
Wiffim in the first half of the 
year. Psgett ! 

Robots guard church 

Fourteen small robot fire en- 
gines are to be installed in an 
historic wooden church on 
Rirhi Island, Soviet Karelia. 

'DOLE'S DOLLS' of Russell, 
Kansas, have become the six 
'grandmas for Dole* in the 27 
years since they helped Senator 
Robert Dole win his first con- 
gressional election in I960. 

But on Sunday night they and 
several hundred mainly Repub- 
lican we 11 wishers turned out in 
force at the Veterans or Foreign 
Wars building in the senator’s 
home town to wish the. 64-year- 
old candidate well as he pre- 
pared to launch formally a cam- 
paign for the presidency which 
has been in mil swing for at 
least two years and has a $! 0 m 
war chest. 

The announcement «*««« yes- 
terday in the centre of Russell, 
a tiny mid-Westem town of 5,000 
people in the heart ofthe Amer- 
ican grain belt 

Mr Dole was surrounded by 
neighbours and friends, many 
of.whom will have remembered 

Stewart Fleming in Kansas on the launch of 
Robert Dole’s presidential campaign 

his days as a 'soda-jerk,' work- 
ing part-time during his high 
school years at the local drug 
store. The man who most politi- 
cal analysts believe, and the 
polls show, has the best chance 
of denying vice-president 
George Bush the Republican 
Party presidential nomination, 
told them in a thinly veiled at- 
tack on Mr Bush: *1 offer a re- 
cord, uot a resume common 

sense answers to the complex 
questions facing America in its 
third century*. 

It is of course no accident that 
Mr Dole, whose sharp tongue 
and conservative views encour- 
aged President Gerald Ford to 
select him as his vice-presiden- 

tial r unning mate in 1976, chose 
once a gain to launch an elec- 
tion campaig n from t»is home 

In a presidential election in 
which political ideology is 
playing a minor role and ques- 
tions of character and experi- 
ence are being identified as 
more important in the minds of 
the voters, Mr Dole is present- 
ing himself as the tough, hard- 
working, former small-town kid 
who can understand what ordi- 
nary Americans want from a 
president because he has never 
lost touch with his humble ori- 

There can be no question 
about his resilience or the gen- 













Central bankers call 
for action to ease 
turmoil in markets 


CANADIAN forest products 
companies, after nearly five 
years of strong recovery, are 
watching for signs of recession 
coining in I960 after the US 
presidential elections. Page 29 

MAgra n miHf , leading Japa- 
nese machine tool builder, suf- 
fered its first loss since l ist i n g 
its shares in . 1964, with sales 
down 14B per cent to Yl&lbn 
(8133.8m) in six months to Sep- 
tember. Page 31 

TEIJIN, leading Japanese tex- 
tile manufacturer, reported 
pretax profits jumped 40 per 
cent from', a . year earlier to 
Y16bn <8U&2m) even though 
sales dropped 12 per cent, to 

FLETCHER Challenge, New 
Zealand's largest forestry com- 
pany, had its application to take 
over its major competitor,. NZ 
Forest Products, turned down 
by; the' .Commerce Commission. 
Page a 

PREMIER Group, divers If ed 
South African food and milling 
group, reported a further 66 per 
cent rise In pre-tax profits to 
R8&6m (845.1m) in the six 
months to September after a re- 
cord 753 per cent jump in the 
year to March. Pagntt • 

LEADING world central bank- 
ers yesterday met to try to de- 
fuse the tension on the currency 
scene as the dollar hit new lows 
against major currencies and 
stock markets remained under 
selling pressure while investors 
awaited the outcome of US bud- 
get negotiations to give them a 
lead. . . 

Despite several hours spent 
discussing the. turbulence on 
world financial markets at their, 
regular monthly meeting ofthe 
Bank for International Settle- 
ments, the central bankers 
■ came up with no new measures 
to deal with the situation. 

The (toiler Cell belowDM L67 
in London where the stock mar- 
ket, which had’ opened weaker 
on . nervousness over the US 
budget talks, also fell farther 
when Wall Street Began trading 
at levels lower than those pre- 
vailing on Friday. 

- The BIS meeting was not de- 
signed to find solutions to the 
economic problems that have 
led to collapsing share prices 
and -a rapidly weakening US 
currency* ’ 

However, in a diplomatically, 
worded statement, the gover- 
nors of the Group of Ten main 
industrialised nations high- 
lighted the importance of gov- 
ernment action, which they said 
they would support with 'appro- 
priate monetary policies.' 

This was taken to mean that 
central .banks would, where 
possible, adopt an easier mone- 
tary stance to ensure that ade- 
quate liquidity was maintained 
in the financial system. 

The bland statement made no 
direct reference to the US bud- 
get deficit or to the continuing 
high trade surpluses achieved 
in Japan and West Germany. 
Among German policy-makers, 
tire desire for growth is general- 
ly balanced by concern over 
restimulating inflation. 

Mr Satoshi Snmita, Governor 
of the of Japan, said dar- 
ing a break in the meeting that 
he and Mr Alan Greens pan , 

chairman ofthe US Federal Re- 
serve Board, wanted currency 
stability but had not discussed- 
joint measures; neither had the 
US urged Japan to lower inter- 
est-rates. Ur Greenspan had no 
comment to make. 

The joint statement of the- 
Group of .Top governors said 
they hadpgreed in their analy- 
sis of the present financial situ- 
ation and on the policies 
needed to deal with it 

*They stressed the Importance 
of moves by governments of ma- 
jor industrial countries to adopt; 

fiscal policies with the objec- 
tives of reducing existing pay- 
ments ' imbalances, prouumng 
exchange rate stability and sus- 
taining . • non- inflationary’ 

growth/ the statement added.-* < 

In recent weeks, the US and 
especially Mr James Baker, US 
Treasury Secretary jhas been 
critical .of changesut German 
short-term interest rates, ar- 
guing that these hinder growth 
Dt Germany and work against 
US attempts to solve its own 
economic problems. 

Last week, however, the West 
German Bundesbank said its 
rate for securities repurchase 
agreements, a method of com- 
mercial bank refinancing, 
would come down this week to 
3 l 50 per cent from 3R0 per cent 
It also cut its Lombard rate to 
4£0 per eent from 5 per cent 

At the same time, France said 
its short term rates would rise. 
This double move was aimed at 
easing tensions in the European 
Monetary System, thus avoiding 
an early realignment In an ap- 
parent reference to thin action, 
the governors also said "they 
welcome the recent measures 
taken by European central 
banks, ~ which reflect their 
strengthened monetary co-oper- 

The governors referred to the 
Intervention by their central 
banks aimed at trying to brake 
the slide in- the nnii«r and re- 
store order to markets. They 
expressed their satisfaction at 

recent measures taken to main- 
tain the smooth functioning of 
the financial system and reaf- 
fired their commitment to that 

Mr Lamberto Dini, deputy 
governor of the Bank of Italy, 
said he doubted that there 
would be a co-ordinted round of 
interest cuts. He also dismissed 
any possibility of a second Lou- 
vre accord on c ur re n cy stabili- 
ty, saying reporters could take a 
holiday before this would oc- 
cur. As the dollar continued its 
slide bond prices soared on ex- 
pectations of farther interest 
rate cuts by central banks con- 
cerned to maintain liquidity at 
high levels to stave off the ef- 
fects of the stock market crash 
on the economy and the securi- 
ties industry. 

Gilt prices rase nearly 2 
points during the day in Lon- 
don; -with- longdated indicator 
bonds yielding &91 per cent. In 
New York, bond prices contin- 
ued to hold up well In the face 
of a declining dollar, with 
long-term US Treasuries 
around 885 percent 

Despite the continuing slide 
in the dollar's value and the 
falls in share markets, dealers 
and economists said trading 
was subdued and volumes well 
down on previous days. Most 
trading was between dealers as 
retail investors stayed on the si- 
delines, they said. 

The statement released by 
central bank governors failed to 
arrest the slide in the US cur- 
rency or share markets. The 
lack of progress on the budget 
remained a deep concern to 
Wall Street But this did not ap- 
pear to be the main reason for 
the 65-point drop in the Dow 
Jones Industrial Average dur- 
ing the morning. With a lack of 
news, positive or negative, to 
drive stocks, the market is fall- 
ing under its own weight,' said 
one market analyst 

Foreign exchange dealers al- 
so said the markets took their 
lead from Washington 

Lawson optimistic on outlook 
for G-7 currency co-operation 


THE GROUP of Seven nations 
could meet to reaffirm last Feb- 
ruary's Louvre accord within a 
week or so of any deal in Wash- 
ington which secured a credible 
cot in the US Budget deficit Mr 
Nigel Lawson, the UK Chancel- 
lor of the Exchequer, said yes- 

- Further reductions in British 
interest rates would be a 'dis- 
tinct possibility” , as part of a 
package to give a new lease of 
life to international co-opera- 
tion, he said. The Government 
would be much more reluctant, 
however, to loosen si gni fi ca n tly 
its fiscal policy if the recent tur- 
moil on financial markets had a 

more damaging impact on 
Britain's economy than at pres- 
ent see mod likely. 

In -an- interview with the Fi- 
nancial Times, the Chancellor 
appeared optimistic that the 

seven - the US, Japan, West Ger- 
many, France, Britain, Italy and 
Canada - will secure a new ac- 
cord to promote currency sta- 

Comments last week by Mr 
Janies Bafeec; the US Treasury 
Secretary, suggesting that 
Washington was prepared to 
see the dollar fall were aimed 
primarily at assuaging domestic 
concerns about the possibility 
of a recession. The US Adminis- 
tration would want' to see Feb- 
ruary’s agreement 'reinstated' 
once it had secured a budget 
package, he said. 

The Chancellor added that 
Thursday's move by the Bundes- 
bank to tower its Lombard and 
repurchase rates had met Us 
earlier criticism that the West 
German central bank i»<i been 
too inflexible in its monetary 


Companies - 38 

America 4 

Companies- 29 

Overseas- — 5 

Companies. . — 31 

World Trade - 

Britain — — — W4 1 

(VimpastM ■■■■— 34-37 

Affrtadtura . 
Aitt-lt rie iW 



C— taHttss— — — 

Crss S e w d ■ ■ 

C mi en d Bi .... 

Editorial ceawsst_ 

EnsbWh — - 

E mepttaM 

Flnuetal Futures— 
Gold — . — —— 
UtL Capital Markets 
Letters— — 

L e x 

M snma e cB* ■ — — 

Men sad Matters 

Bsw Materials 

-Waft Street. 
• Louden — 


Unit Trusts 

Wsrid Index 



Mr Raymond Barre, who wants a law 
to allow public financing of 
political parties In Ranee, Page 2 

East Europe: Prague softens view of 

Dubcek — — — 2 

0K car industry: Part n ofthe revolu- 
tion 26 

Editorial comment: Brazil’s debt; Road 

to reform in Tunisia .... 28 

After Enniskillen: Sinn Fein's heart of 

darkness - — 27 

Nato alliance: Europe pines for the 

good old days — — — - 27 

Iot Granada/Electronic Rentals; Mar- 
kets; Bell & Howell 28 

Technology: Nasa research comes 

down to earth 38 

FT law report: Sulphur solicitors can- 
not use document 39 

ulneness of his feelings for his 
home town. These are the peo- 
ple who made his political ca- 
reer possible, helping first to 
pay his medical hni« as he 
fought to recover from the 
near-fatal war wounds he suf- 
fered in Italy and which left him 
with a right arm which he can- 
not use, even to shake hands. 

That experience left him with 
a compassion for the infir m, the 
poor and the disadvantaged, not 
qualities voters traditionally 
identify with the Republican 

But Mr Dole’s character has a 
darker side. Some in Washing- 
ton are convinced that he will 
be unable to shake-off the 
'hatchet-man* image which sur- 
faced most notably during his 
1976 vice-presidential election 
campaign and that the acid wit 

Continued on Page 28 

Brazil court 
car maker’s 
price rise 

By Ivo Dawnay to Rio do Janeiro 

THE HEAD-ON confrontation 
over car prices between the 
Brazilian Government and Au- 
tolatina - Ford and Voikswa- 

S n’s holding company - was de- 
sed yesterday when the 
Federal Appeals Court (TFR)is- 
sued a preliminary ruling in the 

The ruling authonsed Autola- 
tina to continue charging the 28 
per cent price rise it Imposed 
unilaterally last week until a 
fall judgment by the court’s 26 
judges is reached - possibly in a 
month's time. 

It also ordered the Govern- 
ment to withdraw its legal and 
credit sanctions, applied 
against the company last Friday 
amid outraged claims In Brasi- 
lia that the manufacturer had 
ignored price controls in open 
defiance ofthe law. 

A court official said it was fair 
to judge the decision as 'a tem- 
porary victory” for Autolatina, 
but that the final outcome 
would only be known when the 



Robert Dole back at the soda bar where be once worked 

UK and Ireland 
to intensify 
security talks 


BRITAIN and the Republic of 
Ireland are expected to hold di- 
rect talks on security issues fol- 
lowing this week’s bombing in 
the British province of North- 
ern Ireland in which 11 people 
were killed and more than 60 

The timing and venue for the 
talks have uot been disclosed 
but they are expected to involve 
Mr Tom King , the British Secre- 
tary for Northern Ireland, and 
Mr Brian Lenihan, the Irish 
Foreign Minister, and Mr Gerry 
Collins, the RepubUc’s Minister 
of Justice. The talks are to con- 
centrate on further improve- 
ments in cross-border security. 

The British Government yes- 
terday came under intense 
pressure to step up security 
measures within the province 
and to take tougher action 
against the IRA. which last 
night admitted responsibility 
for the explosion at the town of 

The IRA said it deeply regret- 
ted the 'catastrophic " conse- 
quences' and claimed the bomb 
bad been set for the security 
forces but had exploded with- 
out being triggered. 

Mr Gerry Adams, president of 
Sinn Fein (the political wing of 
the IRA) and British Member of 
Parliament for Belfast West, 
said he very much regretted an 
action which he would not at- 
tempt to justify. 

The Dail (Irish parliament) is 
to consider ratification of an ex- 
tradition treaty with Britain on 
December 1 and Mr King will 
tell Irish ministers that the lat- 
est series of events north of the 
border forcefbliy underline the 
case for its early approval 

Ur King, after making a state- 

ment on the bombing in the 
House of Commons which was 
met with angry outbursts from 
Unionist MPs calling for tough- 
er, anti-terrorist measures, 
joined Mrs Thatcher in a one- 
hour meeting with a delegation 
led by Mr Ken Maginnis, the Of- 
ficial Unionist MP whose con- 
stituency includes Enniskillen. 

Mrs Thatcher listened to rep- 
resentatives of the local com- 
munity, including a survivor of 
the explosion, repeatedly call 
for better security and the in- 
troduction of selective intern- 
ment for suspected terrorists. 

The Prime Minister pledged 
the Government’s continuing 
commitment to maintain securi- 
ty in the province, but said that 
it could not act on emotion and 
had to consider what would best 
reduce terrorism. Ministers are 
not thought to be actively consi- 
dering Internment as a preven- 
tative step, although it remains 
an option. 

Earlier in .the .Commons, M*~ 
Maginnis said he had been dev- 
astated by Sunday’s bombing 
apd. 'doubly devastated' by Mr 
King's statement which, he said, 
oiTered only platitudes and rep- 
resented 'a total let-down* for 
his suffering constituents. All 
they had been offered was a fur- 
ther abdication ofthe responsi- 
bilities of the Northern Ireland 
Office and the British Govern- 
ment to the government of a for- 
eign state. 

Mr King made clear the Gov- 
ernment's belief that, despite 
setbacks like Enniskillen, it was 
making slow but steady prog- 
ress in the fight against terror- 
ism and called for closer, inter- 

Continued on Page 28 

He gave a clear hint, however, 
that West Germany would face 
pressure to push interest rates 
lower still in the event of a 
meeting ofthe Group of Seven. 

Mr Lawson, who has kept in 
close contact with Mr Baker 
over the past week, appeared 
optimistic that the Administra- 
tion would secure a deal with 
Congress to reduce the deficit 
He repeated, however, that the 
823bn reduction envisaged in 
the Gramm-Rudman-HoLUngs 
law should represent only the 
start ofthe 'bidding'. There was 
also a tremendous symbolic im- 
portance attached to the need 
for some element of tax In- 
creases in the package. 

Once a deal was agreed in 
Washington, there would have 
Continued on Page 28 
Details, Page 13 

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Financial Times Tuesday November 10 1987 

Barre puts his presidential poll rivals on the spot 


rently the leading right-wing 
candidate for next spring's 
French presidential election, 
has stepped up his campaign 
pressure on Mr Jacques Chirac, 
his Gaullist rival, by calling for 
legislation to allow public fi- 
nance for political parties. 

The question of party fi- 
nances has become an impor- 
tant political issue, as a result 
of the series of political scair 
dais which have been poshed 

into the newspaper headlines 

in recent weeks, One of the cen- 
tral allegations in V affaire Lu- 
chaire, the scandal which 

reached a new peak last week, 
was that arms sold to Iran when 
the Socialists were in power 
had helped finance the Social- 
ist party. 

The timing of the emergence 
of new details on the Luchaire 
scandal seems plausibly to have 
been engineered to throw the 
maximum discredit on the So- 
cialist party and. indirectly, on 
President Francois Mitterrand. 
Mr Mitterrand is still ahead of 
all other political figures in the 
• presidential race - if he decides 
to stand. Many observers have 
assumed that the re-launching 
of this scandal just now was de- 
signed by the Gaullists in the 

hope of deterring him from 

The most Immediate impact, 
however, has been to. draw at- 
tention to the lack of any effec- 
tive rales governing- party fi- 
nances in France, and to the 
widespread assumption that 
there is something more than a 
little tacky about the finances of 
the political parties. 

As a man without an estab- 
lished party machine, Mr Barre 
is well placed to use this issue 
to. claim that his moral creden- 
tials are superior to those of his 
rivals on the right and the left 
Over the weekend be promised 
that, if elected next May. he 

would hold a referendum on 
public finance for political par- 

ties, with a. ceiling on the level 
F electoral expenditures. 

All of a sudden, Mr Barrel 

initiative has triggered a series 
of improvised and. often con- 
flicting statements on party fi- 
nances, with the Gaullists show- 
ing the greatest embarrassment 
Mr Pierre Mehaignerie. presi- 
dent of the Centrists and Minis- 
ter for Equipment and Housing, 
argued for a committee of inqui- 
ry to produce a report by the 
time - of the election. But the 
senators in his party yesterday 
tabled a rather cautious draft 
law, which would not .provide 

its view 
of Dubcek 

By Lass* Coffit in Berlin 

Mr Gustav Husak, has hinted 
that a reassessment has taken 
place in the official view of Mr 
Alexander Dubcek, the reform- 
ist party leader in 1968 who was 
ousted after the Soviet-led oc- 
cupation of country. 

A senior Soviet historian, Mr 
Georgy Smirnov, caused a stir 
last week when he spoke of a 
need to 'think over the events of 
1968. the intervention.” 

In another development, a So- 
viet official acknowledged that 
Ur Dubcek sent a telegram con- 
gratulating the Soviet leader. 
Mr Mikhail Gorbachev, on the 

70th anniversary of the Bolshe- 
vik revolution. 

The former Czechoslovak par- 
ty secretary lives as a retired 
Forestry Ministry official in 

In a speech In Prague mark- 
ing the Soviet anniversary, Mr 
Husak, who succeeded Ur Dub- 
cek, digressed from his tnafn 
theme and spoke of the 'crisis' 
which had developed in Czecho- 
slovak society in the 1960s. His 
speech, delivered last Friday, 
has only just become fully avail- 
able in the West 

Confront crisis 

He noted that the party tried 
to "actively confront" the crisis 
at a central committee session 
in January 1968. Although he 
did not say so, this was the 
meeting which elected Ur Dub- 
cek to become First Secretary 
of the Czechoslovak party, re- 
placing the disgraced Hr Anton- 
in Novotny. 

Ur Husak explained that the 
results of the central committee 
session "presented the possibil- 
ity” of solving a long overdue 
need to 'perfect the administra- 
tion of society and the econo- 
my.” Diplomats in Prague said 
this amounted to the first politi- 
cal reassessment of Ur Dub- 
cekfs rise to power since the 
present leadership replaced 
him in April 1969. 

However, Mr Husak noted 
that thanks to the "weakness" of 
the party leadership and the ac- 
tivity of "right-wing and anti-so- 
cialist forces' the crisis deep- 

Significantly, he foiled to 
nention the Warsaw Pact inter- 
vention in August 1968 which. 

intil last year, was repeatedly 
the Prague leadership 

dted by 

is a positive step taken by 
Moscow to avoid 'counter-revo- 
lution.' Mr Husak also omitted 
reference to any "lessons from 
he crisis,” which until now was 
ibtigatory in official remarks 
ibout the events of 1968. 

Bishops warn 
of dangers 
to Poland 

By Christopher Boblnsidbi 


THE POLISH bishops, meeting 
at the weekend, have warned 
that the country is in an 'excep- 
tionally dangerous and diffi- 
cult" situation. They are de- 
manding radical economic 
reforms as well as political 

The message is not specific, 
but the church has greater po- 
litical freedom in mind, as well 
as economic reforms much 
along the lines proposed by the 

However, the bishops stopped 
short of expressing an opinion 
on whether or how to vote in a 
national referendum on Novem- 
ber 29 in which the Government 

is seeking support for reforms 
ich mil reduce many peo~ 


pie’s real living standards. 

The bishops merely say. that 
the present situation should be 
resolved "by a common effort 
undertaken by the whole popu- 

They also forbear to comment 
on the prospects for the estab- 
lishment in Poland of a Chris- 
tian democratic political party 
which would be autonomous 
but subordinated to the Com- 
munist Party. 

This Is being mooted by some 
Catholic moderates who will no 
doubt discuss the idea with Mr 
Flamlnlo Piccoli, head of the 
Christian Democrat interna- 
tional organisation who is 
scheduled to arrive in Warsaw 
on Thursday and is expected to 
see General Wojciecb Jaruzel- 
ski, the Polish party leader. 

for state contributions to politi- 
cal parties but .would make po- 
litical contributions tax-deduct- 
ible. , 

The Gaullist parly, widely as- 
sumed to have the richest 
'source of foods from the_ busi- 
ness sector, has reacted without 
initial enthusiasm to any of 
these ideas. Ur Edouard Bal- 
ladur, the Finance Minister, ar- 
gued over the weekend against 
public funding, and he was ech- 
oed by Mr Charles Pasqua (Inte- 
rior) and Mr Alain Juppe (Bud- 
get), both of whom questioned 
■innocently if it would be wise, 
in a period of austerity, for the 
taxpayers to foot the bilL 

. it seems unlikely, however, 
that the Gaullists can really af- 
ford to adopt too tough a line on 
this issue. The latest Sofres 
opinion poll, published in the 
Nouvel Observateur weekly, 
shows that French politicians 
enjoy a veiy low reputation with 
tfae general public, especially 
for their financial dealings. 

Of those questioned, 48 per 
cent thought the world of money 
had more power than the Presi- 
dent, 36 per cent thought that 
politics was not a very honour- 
able activity, and 56 per cent 

auic -■ — 

thought that politicians were 
mainly concerned by their per- 
sonal interests. 

Sara Webb looks at employment policies that are becoming almost too successful 

Commitment to jobs keeps Sweden at work 


iblem cur- 

pro 1 

rently facing Mr Stig Nystroem, 

artrowner^n a Swedish fa mi- 


run fittings business, Nys- 

troems Beslag. is shortage of la- 

boar. both skilled and 
unskilled- His two factories in 
southern Sweden have plenty of 
vacancies to fill and to. dieal 
with the work in hand he .has 
had to take on 16 -year-olds 
fresh from school and increase 
the amount of work done on 

While in other parts of Eu- 
rope, employers often Bad that 
job vacancies are heavily over- 
subscribed, in Sweden the 
grumbles commonly heard from 
employers are about the short- 
age of people for medium and 

Participation rates { 15-64 ) 



1975 76 

highly-qualified jobs, such as 
skilled blue-collar 

technicians and engineers. 

Sweden’s unemployment rate 
fell to L7per cent in September 
- 76,000 out of a total workforce 
of 4.45m - one of the lowest in 
the OECD area. Even in the 
worst-hit part of the country - 
tfae northernmost district 
known as Norrbotten - unem- 
ployment is only 5 per cent 

All of the political parties be- 
lieve in giving high priority to 
employment and are under 
strong pressure from the power- 
ful trade union movement to do 
so. Labour market policy is 
closely integrated with the rul- 
ing Social Democratic party's 

the employment figures, the un- 
employment rate is still only 
about 4 per cenL 
Sweden's employment-popu- 
lation ratio is high at 80 per 
cent, compared with 67.9 per 
cent for the US and 65.1 per 
cent fbr the UK. This is chiefly 
because of the high participa- 
tion rate for women. Last year, 
81 per cent of all women aged 16 

more jobs for women in the hos- 
pital and childcare sectors. 

At the same time, conditions 
have improved for women who 
want or need to work. Child- 
care facilities are cheap and 
widely available and training 
programmes and labour market 
policies have helped women to 
find jobs. The percentage of 
women in labour market train- 

While in other parts of Europe, employers find job 
vacancies are heavily oversubscribed, in Sweden 
the grumbles are commonly about the shortage of 
blue-collar workers, technicians and engineers 

economic policy and great em- 
phasis is placed 

on training and 
services for the unemployed, 
using the employment offices, 
youth schemes and unemploy- 
ment benefits. 

Even if those involved in 
training programmes, relief 
work and work schemes fbr the 
handicapped are excluded from 

to 64 were in the labour force, 
close to the 86 per cent partici- 
pation rate for men. 

There are several reasons 
why women have made such an 
impression on the workforce. 
The growth or the public sector 
in the 1970s - which accounted 
for about 75 per cent of the in- 
crease in employment - meant 

ing schemes rose from about 20 
per cent in the 1960s to nearly 
50 per cent in the 1980 k 
I n addition, changes in the tax 
system mean that spouses are 

now taxed separately and with 

individual allowances, rather 
than per household, which has 
made it more, financially re- 
warding for women to work. 

"Youth teams" introduced in 
1984 have had the biggest effect 
on youth unemployment - up to 
then unemployment had been 
highest in the 18 to 1 ^-year-old 
age group. 

The youth team system means 
that the employment office has* 
three weeks to find a job for an 
18 or 19-year-old. If they are still 
unemployed after three weeks, 
the municipality must find them 
work, usually in the childcare, 

• school or hospital sectors, usu-' 
ally fbr four hours a day. The 
"wage" is equivalent to what 
they would receive in unem- 
ployment benefit and is folly 
subsidised by the state. If they 
refhse to take the job, they have 
no entitlement to benefits. 

The teams have proved highly 
successful in reducing the num- 
ber of registered unemployed 
teenagers. The only problem is 
that some youngsters find tfae 
youth teams too pleasaht'and 
they don’t want to move cm to a 
proper job," according to Mr 
Ake Dahlberg, assistant under- 
secretary at the labour -minis- 

He believes that an active la- 
bour market policy combined 
with the way the unemployment 
benefit system operates, has 
played an important part in dis- 
couraging long-term unemploy- 
ment, which has fallen from 
about 28 per cent of all unem- 
ployed in the early 1980s to 24 
per centlast year. 

A person who belongs to an 
unemployment benefit fond is 
entitled to benefits for 300 days, 
if they are below 55 years old. If 
after 300 days they still do not 
have a job. they have a legal 
right to a temporary job. from 
the employment office for six 
months, which then enables 

them to qualify for a new r 
of unemployment benefits. 


If an unemployed person re- 
Ames to take work offered by 
the employment office, this is 
reported to the unions or insur- 
ance fond - and It is then up to 
the fond to decide whether to 

continue paying benefit The 
sent offi< 


_.fice can offer 
job and training oppor- 
tunities and put pressure on the 
person to take a job - it is not 
easy for people to misuse bene- 
fits." Mr Dahlberg says. 

Government expenditure on 
labour market programmes 
amounts to some 3 per cent of 
GNP, with the most emphasis to- 
day being placed on the employ- 
ment service and training. - 

Some 5,400 people are tor 

volved in counselling or direct 
placement activities in the em- 
ployment offices - roughly one 
for every 14 unemployed, or one 
for every 825 in the labour 
force. By contrast, in Britain 
last year, there were about 8A00 
Manpower Service's Commis- 
sion staff involved in the em- 
ployment service - roughly one 
for every 375 unemployed or 
one for every 2JS00 in the labour 

The employment offices build 
up company contacts so that 
they have someone who is famil- 
iar with every big company in 
the country and knows about 
the company's requirements 
and training schemes. This al- 
lows them to offer training sub- 
sidies if the company is willing 
to employ a long-term unem- 
ployed person, .handicapped 
person or other people with 
special difficulties. . 

talks on 

bases open 

By Andrfana leradlaconou hi 

GREEK and US negotiators 
held their first meeting here 
yesterday on the foture of the 
four American military bases 
in Greece. The present agree- 
ment on their operation ex- 
pires in December next year. 

Yesterday's one-and-a-half- 
honr meeting was devoted to 
'organisational and adminis- 
trative matters." Afterwards 
the two delegations announced 
their agreement on a timetable 
at monthly, four-day negotiat- 
ing rounds starting next Janu- 

The Greek Socialist Govern- 
ment is officially opposed to 
the presence of the oases, bat 
has said it is willing to enter 
into a new agreement provided 
one is reached which serves 
Greece's national interests. In 
addition, the agreement will 
be submitted to a referendum 
before final signature. 

Government officials have 
expressed pessimism in the 
run-up to negotiations, howev- 
er, on the prospects for accord. 
Mr Andreas Papandreon, the 
Prime Minister, said on Sun- 
day that he was "not at all cer- 
tain” that the negotiations 
would yield a new agreement 

Mr Karolos Papoullas, the 
Foreign Minister, predicted a 
few days earlier that the talks 
would he "long and difficult* 
given that the two sides held 
'diametrically opposed" 
starting positions. 

The Greek Government has 
said it intends to link the re- 
newal of the bases agreement 
with US policy on Greek-Turk- 
fsh differences in the Aegean 
and Cyprus. The American 
side has stressed that It is op- 
posed to linking the bases is- 
sue with matters involving 
third countries. 


PwMJsbed br tbe Financial Tta 

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Saouma wins 



61-year-old Lebanese, yesterday 
trounced Mr Moise Mensafa 
from Benin to secure a contro- 
versial third six-year term as di- 
. rector^eneral.of the UN’s Food 
and Agriculture Organ isatipn. 

His winning margin of 94 
votes to 59 in a secret ballot at 
the KAO’S biennial. conference, 
confounded the confident pre- 
dictions. of. Mr Hensah’s sup- 
porters, who included leading 
donor coon tries such as the US 
and Britain, that their maw was 
set to displace the incumbent 
. One plausible theory explain- 
ing the size of Mr Saouma's vic- 
tory is that the 42-nation Afri- 
can _ bloc deserted their 
candidate in significant num- 
bers, despite the strong backing 
promised him by the Organisa- 
tion of African Unity. . 

In the end the stigma of ap- 
pearing to be the donor coun- 
tries’ candidate in an organisa- 
tion with its share of . 
"horth-sonth* * divisions may 

have been too great a handicap 

for the challenger, currently an 
assistant vice-president at the 
interna tional Fund for Agricul- 
tural Development - , 

' For his part,’ Mir Saouma is re- 
spected by many Third World 
governments as a strong leader 
Who tends to putrtheir interests . 
first Allegations that in so do- 
ing he Is actualtyweakeningthe 
organisation*^ ' ' effectiveness 
clearly carried little weight. 

' Nevertheless, his victory 
could lead to -severe internal 
Strains within the FAO unless 
he moves to head off donor 
countries’ criticisms of his al- 
legedly autocratic style and 
fefiura to develop priorities. 

Mr ‘ Saouma's acceptance 
speech was a coded response to 
his critics. He laid great stress 
on the unprecedented number 
of problems facing the UN sys- 
tem and put particular empha- 
sis on the US failures to make 
its foil contributions to the 

big margin 

FAQ’s budget • - 

Oh paper these amount to 25 
per cent of the 1966-87 budget of 
5437m but delays imposed by 
the Congress have allowed the 
payment of only $33m of the 
5100m allocation. 

As a result, the FAQ's trea- 
sury was in a "terribly precari- 
ous" situation, claimed Mr Saou- 
ma. He acknowledged the calls 
for a review of the organisa- 
tion’s structure and methods 
but pointed out that they were 
not being made by all 158 mem- 
ber nations, implying that the 
margin of his victory marked 
the general level of satisfaction 
with the FAQ's performance.- 

Kohl urges CDU to close ranks 


CHANCELLOR Helmut Kohl of 
West Germany Chancellor yes- 
terday called on his governing 
Christian Democratic Union 
(CDU) to close ranks after a ran 
of political setbacks culminat- 
ing in this autumn’s "dirty 
tricks” scandal in ~ Schleswig 

In a mainly defensive speech 
to the party’s annual federal 
congress, he said the wwwHni 
had thrown a shadow over the 
country’s political scene.: Politi- 
cians would have to show "so- 
berness and sensitivity' to win 
back voters’ condifenc& 

Confirming doubts about his 
leadership style among, dele- 
gates to the party’s annual fed- 
eral conference in Bonn yester- 
day, be was re-elected to the 
CDU chairmanship yesterday 
afternoon with a. reduced ma- 
jority. He won 579 votes from 
data&tei with 82.agalnstand 55 
abstentions and one invalid 
vote. In the last party election 
in March. 1985. Hr Kohl won a 
667-45 vote with 15 abstentions. 

Mr Kohl, facing one of his 
most difficult party conferences 
in 14 years as CDU chairman , 
urged bis party to come to terms 

with the lessons of the murky af- 
fair in Schleswig Holstein, the 
country’s northernmost state. 
This led to the suicide last 
month of Mr Uwe Barschel, the 
state’s former Prime Minister, 
who was accused of organising 
an electoral smear campaign to 
discredit the leader of the 
Schleswig Holstein Social Dem- 
ocratic Party. 

The Chancellor, whose party 
has suffered a . foiling share of 
the vote in a string of elections 
this year, was. given only a re- 
luctant standing ovation at the 
end ofhisspeeen. 

.He made a further call for an 
end to the internal squabbling 
about law and order, defence, 
human rights and the economy 
which damaged the three-party 
Bonn coalition during the sum- 
mer and autumn. In au appar- 
ent rebuke to Mr Lothar Spaeth, 
the Prime Minister of Baden 
Wnerttemberg, who gave a criti- 
cal interview about the Govern- 
ment’s tax cutting plans to Der 
Spiegel magazine during the 
summer, Mr Kohl said some 
publications were, an "Unsuit- 
able" medium for such remarks. 

He said power brought dan- 

gers and called on the party to 
reflect both on possible mis- 
takes and on a fairer way of 
treating its political adver- 
saries. "We are all responsible 
that onr democracy is not dam- 
aged," he said. 

Mr Heiner Geissler.the Chris- 
tian Democrats’ general secre- 
tary, r ef e r red to the scandal in 
more robust terms, saying the 
party was facing "a crisis of con- 
sciousness and of confidence.” . 

Hr Kohl mentioned only fleet- 
fegty and in highly general 
tepuns the' turmoil on world fi- 
nancial markets and the risks 
for West Germany’s export-ori- 
ented economy. The turbulence 
underline d, he said, "that we 
must stick to our clear, fotuxe- 
oriented and reliable economic 

He maintain ed an attack on 
the East German leadership by 
c alling it a Communist dictator- 
ship. He pointed, npne the less, 
pointed to the Bonn Govern- 
ment’s achievements in improv- 
ing travel possibilities for East 
Germans to visit the West as an 
important success in "strength- 
ening German togetherness." 

to visit 
next month 

By AfeksandarleM fin Belgrade 

THE long-awaited visit of Mr 
Mikhail Gorbachev to Yugosla- 
via will take place in Decem- 
ber after his summit trip to 
Washington, Mr Bosko Krualc, 
president of the Yugoslav 
Communist Party* said yester- 
day after his return from 

Hr Gorbachev agreed in 
principle on a visit some time 
ago bat a date had never been 

fixed. The last visit to Yogas-' 
lavia by a Soviet leader was in 

1380 . 

The meeting is expected to 
confirm the Belgrade and 
Moscow declarations of 1955 
and 1956. which assert the 
right of an parties and states to 
their own independent inter- 
nal and foreign policies. 

Yugoslavs, who have been 
experimenting with economic 
decentralisation and political 
openness for many years, feel 
vindicated by the move to- 
wards reform in the Soviet 
Union and by recent state- 
ments by Mr Gerbacbev that 
there is no leading party in the 
Communist movement, nor 
uniform policies for all. 

There is a feeling that suc- 
cess for Mr Gorbachev would 
strengthen the position of Yu- 
goslavian reformers, and that 
bis failure would give a new 
impetus to Yugoslavia's con- 
servatives. Even if Soviet re- 
form continues, however, the 
severe problems facing Yugo- 
slavian "self-management* may 
serve as a useful example of 
the pitfUla it needs to avoid. 

Discussions will also con- 
cern bilateral trader in which 
Yugoslavia’s deficit exceeds 
gUibn. The 'volume of trade 
has not come down bat the val- 
ue of Soviet exports, mainly oil 
and gas, has done so. 

As the two countries have a 
bilateral clearing arrange- 
ment, trade has to be balanced 
within two years. Since the So- 
viet side cannot find other 
goods to import, Yugoslavian 
e x po rts will have to be cur- 
tailed and overall trade, prel- 
ected at 935 bn over 19664* is 
going to suffer. 

• In the first week of Novem- 
ber the Yugoslav dinar was de- 
predated by 13.43 per cent 
against a basket of seven cur- 
rencies of its main. Western 
trading partners- Since the be- 
ginning of the year deprecia- 
tion amounted to 14*3 per 


Low turnout in Italian referendum 


ITALIANS boycotted last week- 
end's referendum on nuclear 
power and legal reform in 
greater numbers than ever be- 
fore, while delivering the com- 
fortable majorities requested 
by most political parties. 

Early results suggested that 
little more than 65 per cent of 
those eligible actually bothered 
to vote. At this level, turnout 
was for lower than in the four 
previous popular polls held 
since the referendum was intro- 
duced In Italy in 1970. 

Before the poll, it was dear 
that many Italians were con 1 
fosed about the issues at stake 
and unable to understand why 
the politicians could not sort 
them out through normal par- 
liamentary procedures. 

Leading politicians were 
clearly uneasy about the tur- 
nout last night, gome hinting 
that it was a predictable rebuke 
from the electorate. The Social- 
ists and the Radicals - two of the 
parties most anxious to have the 

referendum - blamed the 
media for depicting the exer- 
cise as fraudulent and the fact 
that Italians are unused to vot- 
ing in the autumn. 

Although parties represent- 
ing more than 90 per cent of the 
votes registered in the last gen- 
eral election campaigned in fa- 
vour of *yes” votes to Tour of the 
five referendum questions, the 
actual majorities look likely to 
be smaller. 

All of the questions were 
about whether or not existing 
legislation should be struck 
from the statute book The ques- 
tion which has generated most 
heat - the law imposing very 
tight limits on the disciplining 
of magistrates for professional 
misconduct - was receiving 
around 80 per cent in favour of 
its removal by early evening. 

The three laws touching on 
nuclear power which radicals 
and ecologists have treated as a 
plebiscite on whether or not Ita- 
ly should retain and add to its 

existing three nuclear stations 
were all also heading for burial 

One which will allows the 
Government to overrule local 
authority opposition on the sit- 
ing of a nuclear station was 
showing a majority fort its re- 
moval of around 81 per cent. 

A second allowing the pay- 
ment of incentives to persuade 
communities to accept a nucle- 
ar station was heading for a ma- 
jority in favour of removal of 80 
per cent. The third, which al- 
lows Italy to take part in the Su- 
perphenix fast breeder, reactor 
project in France looks likely to 
be struck down by a majority of 
around 71 per cent 

Well over 80 per cent of votes 
cast backed the call to do away 
with a special parliamentary 
committee which is supposed to 
Inquire into allegations of 
wrongdoing by politicians. All 
say they want to replace this by 
a more credible institution. 

The volume of spoiled ballots 
was being watched with great 

anxiety by the top management 
of RAi, the Italian radio and 
television service, alter an ex- 
traordinarily embarrassing per- 
formance by one of their star 
performers on Saturday night 

Adriano Celentano, a balding 
pop star who hosts RAl’s most 
popular variety programme, 
"Fantastic©," interrupted the 
live transmission to deliver a 
diatribe against hunting which 
ended with an appeal to voters 
to write "hunting is anti-love, we 
don't want if on their ballot pa- 

Mr Celentano was rapidly in- 
formed behind the scenes that 
he might have broken half of the 
nation’s electoral laws, since he 
was inciting people to spoil 
their ballot papers. He went 
back in front of the cameras to 
deliver a mea culpa, urging peo- 
ple instead to write anti-hunt- 
ing missives to President Cossi- 
ga containing the phrase: "We 
are children of the seal, don’t 
make our mothers cry." 

Soviet criminal 
code may drop 
internal exile 

A GOVERNMENT committee 
rewriting the Soviet criminal 
code wants to abolish internal 
exile as punishment and to re- 
duce the number of offences 
punishable by firing squad, Mr 
Boris Kravtsov, Justice Minis- 
ter, announced yesterday, AP 
reports from Moscow. 

He also said foe committee 
had proposed a shorter maxi- 
mum prison term, and that con- 
sideration was being given to 
broadening foe rights of de- 
fence lawyers, presumably to 
provide them with better access 
to information obtained during 
criminal investigations. 

The Tass news agency gave 
few deteiln 

When the new criminal code 
is prepared, it will probably be 
debated and revised by senior 
Communist Party members be- 
fore being presented to the Su- 
preme Soviet for approvaL 
The Foreign Ministry said in 
February that foe Russian Re- 
public’s cr imin al code, which 
serves as the basis for legal 
codes throughout foe USSR, 
was being reviewed and re- 

It added that the committee 
was considering removal of "an- 
ti-Soviet agitation and pro; 
ganda" from the list of 
able offences- 

EC farm trade threatened by 
failure of radiation level talks 


THE COLLAPSE of negotiations 
to agree common safety stan- 
dards for radiation in EC food 
imports in foe event of a nucle- 
ar accident could disrupt farm 
trade severely between member 
states, officials in Brussels fear. 

Diplomats warned yesterday 
that it may prove Impossible to 
negotiate any common 
long-term system, with a dead- 
lock between foe position of 
West Germany, de manding foe 
strictest possible standards, 
and that of Britain, France and 
Spain, insisting on a more re- 
laxed regime. 

. The emergency meeting of EC 
ministers summoned on Sunday 
night foiled to narrow foe gap 
between the protagonists, and 
therefore foiled to reinstate foe 
safety standards imposed on EC 
food imports in the wake of the 
Chernobyl nuclear disaster. 

The member states are now 
relying on a "gentlemen’s agree- 
ment” involving li of the 12 • 
Greece has not accepted it - not 
to impose any radiation stan- 
dards stricter than the post- 
Chernobyl regime. That deal 
has been prolonged until No- 
vember 24, to give foe foil for- 
eign ministers meeting another 
chance to agree. ... 

The whole debate on what 
constitutes 'safe” levels of radi- 
ation has become caught up not 
only in arguments aboutscienti- 
fic evidence, but also in foe ex- 
tent to which reassurance of 
public opinion must be taken 
into account, and the continual 
battle for power between the in- 
stitutions of the EC 

Britain, France and Spain 
have hitherto blocked any con- 
tinuation of the present post- 
Chernobyl regime until agree- 
ment is reached on a long-term 
policy, based on the proposals 
of national experts. 

All three argue that the 
long-term standards - which 
would be imposed automati- 
cally in the event of any future 
Chernobyl-type accident - most 
reflect the conclusions of the 
Euratom Article 31 committee. 
Whereas the levels fixed in foe 
wake of Chernobyl were of only 
370 becqnerels per kilo (bq/kg) 
for caesium in dairy products, 
and 600 bq/kg in other foods, the 
Euratom scientists recommend- 
ed 4,000 and 5,000 bq/kg respec- 

West Germany, backed most 
strongly by the Netherlands, 
Luxembourg, Portugal and Ire- 
land, wants foe present strict 

levels maintained. 

Politicians both in the Euro- 
pean Parliament, and in the na- 
tional parliaments in West Ger- 
many and other member states, 
have argued that even the pres- 
ent regime is too lax. Britain 
and France fear that if for once 
the scientific advice is blatantly 
ignored, foture rales on the nu- 
clear industry will be set on the 
basis of political pressure 
The European Commission 
had sought to present a compro- 
mise formula - with permissible 
radiation levels set at 1,000 and 
1,250 bq/kg respectively - while 
admitting that they were partly 
to reassure public opinion. Ear- 
ly on Sunday evening that com- 
promise looked possible, with 
Britain, France and Spain set to 
move. But West Germany re- 
fused to relax its stance at alL 
No one is yet sure just bow 
much food trade could be dis- 
rupted if there is no agreement 
by November 24, but many offi- 
cials fear the worst 
Greece in particular faces a 
huge problem, because it now 
has 600,000 tonnes of soft wheat 
in store, containing more than 
the permissible level of radia- 

■:u z : ;.-r 

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financial Times Tuesday November 10 


Pinochet’s promotions strengthen his hand of army loyalists 

. . . . _ Al. have been : .. ~ ~ tempted to nnJartrten me t rat-, rnny cyeer b»B been impwea- that sad: 

LAST MONTH during a lun- strengthened Gen. Pinochet's plete confidence have been 
cheon with army generals in the position in one of the most bier- placed in strategic 
La Moneda palace, General An- arch teal and rigidly disciplined Of the liberals acting as 

.1 ^bjieen eniittarv inOiiiitiAnit in [jtin thar division commanders or 

leda palace. General au- arc mem anu ngiuiy uuuiiuucu -v* 

Pinochet, the. Chilean military institutions in Latin ^^S^SSSSaSTSl^, * 

are JSSEfliS sansg 

thors. One was a thirty-five page as the commanders of Chile s tiago In which they woraed 
pamphlet entitled Craieart Chris- navy, air force and national po- cioseiy with Gen 
Son Democracy: Qammwmtarian lice have repeatedly indicated Presumahjy. demonstrated 
orSocuUist? The other was Victo- they will not support any plan to their loyalty. _ t p.v ummhii'. At- nrdlnnp Gen Pinochet's nresi- The key post of 3nny uMpeO" 

nr "Without 'War. Moscow's At- prolong Gen Pinochet's presi- The k 
tempts atWorfd Domination by Sency after 1989. when his cur- tor gen 
Count Hans Van Hiiym. Several rent term in officeends. 
of the Chilean officers present The new list of 53 gem 

The new list of 53 generals re- 

The key post of army inspec- 

tor general, one of the few of- 
fices involving contact with all arao 
army units, has gone to Gen Al- Gen 
ft-edo Calderon, another officer chie 

Chile’s President is. 
still promoting his 
supporters, reports 
Maiy Helen 

tempted to undertake a cost cut- . 
ting and restructuring 
progra mm e which provoked 

programme * which provoked 
weeks of student and professor, 
demo nstrations and sharp criti- 
cism even from conservative po- 
litical circles. 

In the minds of some officials. 
General Sola was at least indi- 
rectly responsible for this un- 
rest and one regime functionary 
commented-' that *a ; certain 

army career had been impecca- 
ble and be- was widely respect- 
ed by other Chilean officers. 
The US, which cut off military 

tr aining prog ramme s and arms 
sales to toe Pinochet regime in 
toe mid-1970s, has sought to re- 
new some of its contacts with 
the Chilean army in an effort to 
gain influence and possibly 
nudge the military toward dem- 
ocratic reforms. 

. But the Pinochet regime 
seems well aware of these In- 

Last month four Chilean army 
officers arrived in Washington 
under toe : US Information 

Agency programme for foreign 

oi me wiueau ^ ‘ v j i. . froHn raideron. another officer cniei or siau ana lormer mm- 

SEE. f ° r “ t "‘ “ P, “ by aeChU^ defence m«i*W who* . Pi f„ ^5^““ “ 

tummeuweu iiku a ; wvi 

among toe new appointees is Marxist infiltration* had taken, 
Gen Roberto Soto, the new army place at toe University of Chile 
chief of staff and former mill- under his administration. 

. . ***r. 


General Pinochet 

hllOKS. UIO VUUMUl WVIVM«.W J ”-”T I J . ■ 

The recent round of promo- indicated that, with few excep- ©chef's leadership 

tions among the Chilean army's tions, only those officers in doubt ■ 

corps of generals has further whom Gen Pinochet has com- The only possibl 

under his administration. 

For these: reasons Gen Pin- 
ochet was reportedly reluctant 

•bet’s leadership is not in Chile. ochet was reportedly reluctant 

jtibt. ■ General Soto's civilian sue-' to promote Gen Soto.' who is due 

The only possible dissenter cessor at the university had at- to retire in another year. But his 

visitors. A Chilean military ana- 
lyst predicted that such over- 
tures were unlikely to produce 
the intended effect of increas- 
ing US influence * ’ 

He suggested that a more ef- 
fective course for the US to take 
would be to improve relations 
with the country’s navy and air 

force, while turning a cola 
shoulder to toe army. Such a 
stance might more clearly dem- 
onstrate what the Chilean array 
stands to gain or lose from its 
relations with toe US, he said. 

At present the CWleau anny 
seems unlikely to liberalise Of 
its own accord. 


Samey faces growing criticism over debt accord with banks 

A DEBT ACCORD between Brazil 
and its bank creditors is u n d er at- 
tack from the country's main oppo- 
sition parly, placing President Josfe 
Barney’s beleaguered Government 
under fresh p oliHral strain, Reuter 
reports from Sao Paolo. 

Last week Brazil signed a preli- 
minary agreement which in effect 
pntM the in t er est moratorium on 
the country's 570bn foreign bank 
debt which President Sarney an- 
nounced in February. 

Brazil undertook to pay $L5bn in- 
terest arrears in exchange for J3bn 
in short-term loans. 

took to seek an International Mone- 
tary fimd programme and gambled 
It could sell the package to the ma- 
jority Brazilian Democratic Move- 
ment Party (PMDB). 

But toe PMDB traditionally op- 
poses any agreement with toe IMF, 
and party president Mr Ulysses 
Guimaraes, generally considered a 
more weighty political figure than 
President Samey, has m a int a ine d 
silence an the debt accord negotiat- 
ed in New York. Such silences nor- 
mally indir*fa» strong disapproval, 
and other party figures are grum- 
bling openly. 

(in the agreement),” said Mr Fer- 
nando Henri que Cardoso, party 
leader in the Brazilian Senate. 

Another pro min ent PMDB sena- 
tor, Mr Severe Grazes, said in an 
article published in Sunday’s Folha 
deSflo Paulo newspaper: This is an 
agreement which cannot be kept. 
The PMDB win have its say. Brazil 
hug abandoned the moratorium in 
«rii«ig n for nothing. We handed 
over our great trump card in the 
debt negotiations for a plate of len- 

Under strong pressure from toe 
banks, the Government also under- 

The PMDB will have great diffi- 
culty accepting what is published 

A straw poH of ordinary Brazil- 
ians displayed growing disenchant- 
meat with President Samey 's Gov- 

“It was the worst thing that Bra- 
zil could have done because who 
will the rules now will be toe 
IMF,” said Ms Sarah Morses, an 
unemployed secretary in Sfio Paulo. 
“Samey will be alone now. The 
PMDB wont support toe Govern- 
ment any more." 

The Go vern m en t's problems are 
going to triple now," said Mr M auri- 
cio Morses, a manager in the shoe 
industry. The people are against 
going to toe IMF.” 

Teacher Ms Neoza Santana said 
she expected the IMF to introduce 
rationing in Brazil. 

The Government had severe 
problems before last weeks debt 

announcement, and toe nation’s 
c ar toonis ts have xeveDed in Presi- 
dent Saxony's MesMBfc They de- 
picted President Samey hanging by 
qtw> hand to a ffimsy branch grow- 
ing out of a cliff, lying dismembered 

on the floor with nuts and bolts 
scattered about him and wading 
through water up to his chin. 

"You don't need to have a very 

senritive nose to perceive that toe 
Samey Government has started to 

decompose,” said Mr Luciano Mar- 
tins de Almeida, political science 
p rofe ss or at Campinas university. 

Record inflation, now expected to 
be about 360 per cent fra- 1987, has 
seriously unde rm i n ed toe Govern- 

ment's credibility and even raised 
questions about toe survival of de- 

D em ocracy returned to Brazil in- 
1985 after 21 yeara of mflitary dicta- 
torship with high hopes that toe 
new civilian Government would 
build a fairersociety and tackle toe 
problem of mass poverty. 

Opinion polls make dear toe de- 
gree of disBnaoiniwnL A poll carri- 
ed out by Folha de SSo Paulo and 
published on Sunday ; showed that 

32 per cent favoured a return of the 

military, with 58 par cent against. ; 

- The same number, 32 per cent, fa- 
voured a socialist revolution, with 
50 per cent against 

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Industrial production in 
Brazil falls sharply 

BRAZILIAN Industrial eutpat 
it falling rapidly, with Septem- 
ber figures thawing a season- 
ally adjusted &3 per cent de- 
cline against the some month 
last year, according to govern- 
ment figures, writes Ivp 

. The data, showing fhe fourth 
successive monthly tdl, com- 
pares with a period of record 
activity in the Brazilian econo- 

my daring last year’s price 
freeze, which highly over- 
heated consumer demand. 

Nevertheless, the underly- 
ing downward trend in the 
thin ! quarter combined with 

mounting inflation and unem- 
ployment is worrying econo- 
mists. According to one analy- 
sis, the year-end figures are 
likely to the wont since 1983 
with Industrial growth over 
the 12 months unlikely to ex- 
ceed K5 per cent. 

Mr Laiz Carlos Bresser Per- 
eira, the Finance Minister, has 
revised down Brazil’s target 
for overall growth from an 
original 6 per cent to 3^ per 
cent of gross domestic product. 

Seas— al factors. Including a 
foil off In cefiee sales, are also 
expected to hit October’s trade 

US ready to 

over jump 
jet project 

again calls 
for clean 


By David Buchan, 
Defence Correspondent 

THE US Administration .Is 
ready to try to save its biggest 
single Nato arms collaboration 
programme - the Anglo-Ameri- 
can AV8B version of the Harri- 
. er jump jet - from becoming a 
casualty In the drive to reduce 
US public spending and the 
budget deficit, officials said 
yesterday. . . . . 

But government officials and 
executives of. McDonneU-Doug- 
las, co-producer of the AV8B 
with British Aerospace, 
stressed that Administration in- 
tervention might not be needed. 
Negotiators of the Senate and 
. the House of Representatives, 
seeking a compromise defence 
authorisation bill; have not yet 
- a greed to “Zero out * some $50Qm 
for the -32 AV8B- aircraft re- 
' quested by the Administration 
u the coming year, though they 
are likely to do so ir total agreed ; 
defence spending for the 1988 
fiscal year drops below $290bn. 

Even elimination of one 
year’s funding for the AVER 
programme, which Is essential- 
ly a McDonnell-Douglas refine- 

ment of the UK Harrier design 
to suit toe needs of the US Ma- 

to salt toe needs of the US Ma- 
rine Corps, could cause major 
problems for the programme, 
McDonnell-Douglas said yester- 

It would also affect not only 
BAe, which makes part of the 
airframe, but UK companies 
such as Rolls-Royce which sup-, 
plies toe engines. Smith Indus- 
tries which is providing cockpit 

displays and Dowty which is 
providing part of the AV8B’s 

[atvHIng grntr 

However, the AV8B Harrier 
programme has been hit before 
and has survived. In the the late 
1970s the winds of opposition 
blew from the Pentagon. Ironi- 
cally, it was Congress that then 
kept it going. 

The lobbying on Capitol Hill 
for the AV&B programme is be- 
ing forceftilly led by the Karine 
Corps and ex-Martnes such as 
Senator John Glenn, against the 
jump jet’s main current oppo- 
nent, Representative Les As- 
pen, chairman of toe House 
Armed Services Committee. An- 
other aircraft which could be 
marked for the chop by defence 

By Darid Gardner In Mexico Cfty 
MR Carlos Salinas de Gortari, 
the Mexican regime's choice to 
succeed President Miguel de la 
Madrid next year, again on Sun- 
day called for clean elections. 
He made the call amid munici- 
pal elections, marred by re- 
newed opposition claims that 
the Government was continuing 
to use ballot rigging and intimi- 

Mr Salinas was speaking at 
the congress of the ruling Insti- 
tutional Revolutionary Party 
(PRI) which formally pro- 
claimed him the 70-year-old re- 
gime's presidential candidate. 

In his keynote acceptance 
speech, the former planning 
minister raid Mexico required a 
new, modern political culture, 
which took account of the so- 
phistication of Mexican society. 
He implied that the very surviv- 
al of 4he system depended on 


Mr Salinas repeated his 
promise of clean elections, first 
delivered to a PRI rally two 
weeks ago, which has become 
the- cornerstone of his cam- 
paign. "We will respect all the 
triumphs of the opposition. But 
we will defend, one by one, each 
oT our victories.” he told the con- 
gress in Mexico City. 

Meanwhile in the neighbour- 
ing State of Mexico, both the left 
and right-wing opposition par- 
ties claim that the PRI was busy 
stealing elections for the local 
legislature and 121 municipali- 
ties. In one incident, pro-regime 
trade unionists were alleged to 
have opened fire on opposition 
vote-monitors trying to remove 
a ballot box. 

. Similar incidents took place 
in elections in the northern bor- 
der state of Coahuila, an opposi- 
tion stronghold, two weeks ago. 

two days after Mr Salinas pu 
tidy admitted that the north ei 

licly admitted that the northern 
states did not believe in PRI 

He called for an end to the 
ruling party’s practice of "clean 
sweeps" at the polls. The local 
PRI leadership in Coahuila 
then announced outright victory 

in every contest in the state. 

The PRI has never conceded a 
significant office at the polls 
and many political ' analysts 
here are beginning to suspect 
that the party old guard is trying 
! to underline, through the con- 
duct of the Coahuila and State 
of Mexico contests, that it is not 
about to start now. 

budget cotters is toe US Navy’s 
A-6 attack aircraft made by 

The total value of the McDon- 
nell-Douglas and BAe pro- 
gramme to produce 328 AV8B 
aircraft for toe US Marines and 
60 Harrier GR Mark Five air- 
craft for the Royal Air Force is 
put at SL2bn, with the US paying 
gObn. It is therefore virtually 
the only US collaborative pro- 
gramme with a Nato ally, whose 
elimination, could make a sig- 
nificant contribution to closing 
the US budget deficit. 

By toe same token, however, it 
has acquired a symbolic signifi- 
cance of ’the .Administration’s 
much-publicised drive to open 
US defence procurement to for- 
eign collaboration, officiate in 
W ashing ton concede. This goes 
beyond the considerable Brit- 
ish interest in the programme. 

Israeli president 
visits Washington 

PRESIDENT Chaim Herzog of 
Israel opened talks yesterday 
with Mr George Shultz, US Sec- 
retary of State, AP reports from 

The visit is the first to Wash- 

ington by an Israeli president 
ana will be largely ceremonial. 
However, he is expected to 
touch on the condition of Jews 
in the Soviet Union. Syria and 
Ethiopia, as well as on peace 
prospects in the Middle East 

Court candidate scrutiny 


THE REAGAN Administration 
is running into difficulty with 
conservatives in its attempt to 
find a third candidate to fiu the 
vacant seat on the US Supreme 
Court. - 

Judge Anthony Kennedy, a 
Californian appeal court judge 
and the leading candidate 
among those who may be nomi- 
nated. was reported as being 
questioned at the Justice De- 
partment, which has been 
roundly criticised for foiling to 
check thoroughly Judge Doug- 

las Glnsburg, the second nomi- 

Judge Glnsburg withdrew his 
nomination at the weekend af- 
ter admitting that he had 
smoked marijuana. Judge Rob- 
ert Bork, this first nominee, was 
rejected by the Senate. 

Conservative Senator Jesse 
Helms, who has blocked other 
nominations, said he would 
fight against Judge Kennedy be- 
ing confirmed, and Senator Or- 
rin Hatch indicated bis lack of 
enthusiasm for the judge in a 
television interview. 


*;,i La 


W a 

■jsiflurt 1 

:id Ban 

%i!e Zan 

- V- . . 


mbs Tuesday November 10 1987 


dhi attacks 
Lanka over 
lation plan 


R, thg TnHiim 
erday accused 
» meet die eat- 

XKfs Tamil mi- 

nal legislation 
iwwi into tiie 
Ihrering a bag 

T Jtwlfan sitoa- 
iriiament, dnr- 
«d an outspo- 
1 Tiger extr e- 
t attacks on dr 
an troops and 
agre em e nt be 
amfl ettmfe ia- 

idian Govem- 
three days of 
i to persuade 
cymmrdBBe of 
the proposed 
with the July 

hat the Presi- 

dent had only given "firm assur- 
ances flprt, if, over the coming 
jgodbs; «SffiniWiA» arise, 'tiie Sri 
T^nVwn Government wiQ mate 
sodi changes as are found neces- 

This could cause problems among 

Tamil orm n w nn Ww! both in Sri Lan- 
ka mid in. the ssatbenrfndi*. state 
of Tamil Nadu. It “might also sharp- 
en wMwffka on Mr Gandhfs policies 
Claimed by. Indiate opposition par- 
ties far the winter session of Parlia- 
ment which began last Friday- 
• The lower boose of India's Par- 
liament yesterday approved a six- 
month extension of the system of i 
President’s Rule in the troubled, 
northern state of Punjab where 
about 1400 people have been killed 
this year. 

President's Rule, which puts the i 
state under the direct control of , 
New Delhi, was imposed on May 11 1 

)n ground on Gulf 
ides Arab summit 


Hussein yes-' 
ver a gruel- 
t session at 
lte sought to 
nd on issues 
1 as the Gulf 

J had report- 
stop a. threat- 
Iraq's Presi- 
tein who was 
hrions at to 
onunit would 
outright con- 

summit offl- 
fbrward daft 
aanding spo- 
il. It was also 
entribn of Ar- 
a its support 

t a Gulf War 
t into sharp 
rgency sara- 
rotagonists - 
and Syria’s 
Bl-Assad. Mr 
sort for non- 

Inng- rrmning 

pot him at 
jf his Arab 
ieved to be 
avbid giving 
dusa- — 

Western observers In Amman 
are gloomy about prospects of a 
solid resolution on the Iran-I- 
raq war that would help under- 
pin UN efforts to bring about a 
ceasefire in the long-running 
conflict . 

The West, notably the US and 
Britain, have been pressing for 
an arms embargo against which- 
ever party to the conflict foils to 
implement a Security Council 
•call for. an Immediate ceasefire 
and withdrawal to prewar 

Iran and Iraq have been lock- 
ed In complicated diplomatic 
negotiations with Mr Javier Per- 
ex de Cuellar^ UN Secretary- 
General, but indications are 
that the two sides remain for 

Iran is demanding that Iraq 
be named the ’aggressor* before 
it is prepared to agree to a ceas- 
efire. Baghdad, which is willing 
to accept an inquiry into the ori- 
gins of the war, says this ccmdi- 
tion is unacceptable. 

Meanwhile^ Iraq is maintain- 
ing .to ciiff cism of fbe Arab 
summit, -issuing' its ' second 
hard-line-message in two daysTV 

Bank in bid to 
Gambia economy 


the World 
jo visit Zam- 
urgent talks 
nt on howto 
y, which has 
allowing the 
in economic 
inMay---i •;••• 
of the Inter- 
r Fund are 
on the heels 
nission in an 
le President 
t> return to a 
Iget austerity 
Lusaka once 
: towards the 
oured by the 
officials be- 
urrency, the 
valued in the 
y as nmch as 

40 per cent from the present 
rate ofEBtotheUS dollar. 

In May Dr Kannda broke with 
the IMF, revalned arid fixed the 
rate of the kwacha, reintrod- 
uced price controls and severe- 
ly restricted payment of foreign 
creditors;- : : . ' . : - 

Since then flows of foreign 
aid money have been sharply 
reduced, leading to widespread 
-shortages (the World Bank has 
suspended disbnrement of new 
money because of Zambian ar- 
rears now totalling some $42mX 
The IMF has declared Zambian 
ineligible for farther fluids be- 
cause of arrears of 5DR29L5m 
and exporters, including the vi- 
tal copper mines, have been ad- 
versely affected by the currency 
revaluation. . 

New broom 
sweeps into 
power in 

By Rrunda Ghfiau In Tunis 

HR ZINE El Abldine Ben Mi’s 
decision to remove the 87-year- 
old Tunisian head of state from 
office was taken last Friday af- 
ter Mr Habib Bourguiba told his 
then Prime Minister of his deci- 
sion to reopen, the trial of 90 Is- 
lamic activists which ended last 

- Two of the defendants were 
hanged while the leader of the 
Movement of the Islamic Ten- 
dency, Mr Rashid A1 Gtaan- 
noushi, was sentenced to hard 
labour for life. 

Mr Bourguiba was infuriated 
by the refusal of two of the judg- 
es to condemn Mr Ghannooshi 
to death. The former head of 
state said he hoped 50 of the 90 
defendants would be con- 
demned to death. 

Two former ministers, Mr Mo- 
hamed Sayah, a traditional har- 
dliner, and Mr Haneour Skhiri, 
supported the President. The 
rest of the Cabinet and Mr Ben 
Ali were only too aware that 
such action could eaaily lead to 
serious unrest in Tunisia. The 
first two days of Mr Ben Ali’S 
presidency have been marked- 
by the release from house ar- 
rest of Hr Habib Achour, the 
veteran union leader and the 
return from exile in France of 
Mr Dries Guiga, who was Minis- 
ter of the Interior until the 
bread riots of January 1984. 

Other prominent exiles such 
as Mr Mohamed Hasmoudi, 
Minister of Foreign Affairs at 
tiie time of Tunisia’s abortive 
union with Libya in January 
1974, are also expected to re- 

Members of the fomily of Mr 
Mohamed M’Zali, tiie former 
Prime Minister who fled into 
exile in September 1966, have 
had their pa ss port s restored. 

The leading opposition par- 
ties, such as the Movement of 
Social Democrats, have wel- 
comed Mr Ben All's accession. 

The former head of state for 
his part is expected to leave the 
presidential palace in Carthage 
shortly for a residence near the 
southern port of Sfax, where the 
new prime minister,. Mr Hedi 
B accouche, has made clear he 
will be treated with all the re- 
spect dne to the founding totter 
or modern Tunisia. 

For the political elan, what 
had become in recent weeks e 
nightmare, and one which many 
feared would erupt Into dvu 
strife, is at an end. 

Those fcaaner rainbtfenu such- 
bs Mr Mohamed Sayah end Man- . 

AnnrJiy^Mp jukI nthw r p a^nl yTi 

d toe .' president! ah ountomagfr. 
inch , as lnr Mahmoud ^Bellmsr. 
sine who calculated that back- 
ing the ageing leader in all cir- 
cumstances would one day win 
them power, have lost what 
proved to be a reckless gamble. 

' The new Tunisian gov e au - 
ment is foil of talent. The Prime 
Minister, Mr Ha remain Sousse, 
Is a wfiy yet though tfhl politi- 
cian who has been responsible 
for conducting delicate negotia- 
tions with Libya. 

He Is also highly respected in 
Algeria, which matters, as Tuni- 
sia has, since 1963, a close rela- 
tionship with its powerful west- 
eersuneighbour. .. •<,. 

The new Minister ef Foreign 
Affairs, Mr Mahmoud Mentiri, is 
a skilled diplomat who has been 
Secretary of State on and off 
over the years. 

The new Minister of Educa- 
tion is MrlTjani ChellL He will 
need all the support he can 
muster to r efo rm an education 
system whose quality has been 
severely eroded in recent yean. 

Mir Ismail Khelil, recently ap- 
pointed. Governor of the Central 
Bank, remains. .. 

Good results this year belie the outlook, Andrew Buckoke reports 

Clouds gather for Kenyan economy 


At The Regent 
Hong Kong there is 
Plume. A restaurant 
that is considered by 
many to rival the best 

And a Chinese 
restaurant that may be 
the best in the world. 


THE KENYAN economy ap- 
pears to be defying gravity. De- 
spite the drop in tea and coffee 
prices this year and the rise in 
oil prices, growth of over 5 per 
cent is expected to be main- 
tained. Both the Government 
and World Bank agree that the 
balance of payments deficit will 
be limited to around $20m, com- 
pared with last year’s surplus of 

Though such a record is the 
envy of most African nations - 
especially In Uganda and Tan- 
zania, where war and misman- 
agement respectively have dev- 
astated their economies - the 
future is far from rosy. 

This year’s good performance 
is largely a carry-over from the 
boom in 1988, when high coffee 
and tea prices combined with 
record tourism earnings and 
low oil prices to boost growth to 
5.7 per cent from an average of 
3.4 per cent in 1978-85. Earnings 
from coffee, long the country’s 
primary source of foreign ex- 
change, are expected to drop 
from $tt0m in 1988 to under 
3300m this year. 

Tourism may move into first 
place for the first time with an 
expected improvement over last 
year, when 850,000 visitors 
brought In a record 3310m. De- 
spite a serious decline in occu- 
pancy rates at coast hotels dne 
to concern about AIDS In Ken- 
ya, greater interest in activity 
holidays means the more lucra- 
tive safari business inland is 

But if tourism and non-tredi- 
tional exports such as horticul- 
tural produce can cushion the 
country from fluctuations in 
coffee and tea prices, they can- 
not pvoted; it from long term de- 

This year's balance of pay- 
ments position would have 
looked a lot worse but for the 
planned reduction of foreign 
exchange reserves by 3110m, 
from three-and-a-half to two- 
ind-a-balf months’ import cov- 
et Such measures cannot be re- 
peated and Kenya is negotiating 
with the International Monetary 
Fond for 3170m from a standby 




£ per tonne 

| 1981 82 84 86 87 

credit and structural adjust- 
ment facility loan to help cover 
an expected balance of pay- 
ments deficit of $150m-3200m in 

■The loans are likely to be 
granted, given Kenya’s good re- 
cord for servicing its $ftn debt, 
but donors, who have been com- 
mitting about $500m a year in 
aid, have become increasingly 
concerned by Kenyans’ large 
overseas holdings. TheJMF es- 
timates 3L28bn is held in non- 
bank external accounts, while 
some estimates of the total in- 
volved go as high as KShflOhn 

This concern was one of the 
reasons for a crackdown on il- 
licit foreign exchange transac- 
tions, in particular the failure 
to remit tourism and export 
earnings. So for only five execu- 
tives of the Bank of Credit and 
Commerce International and 
Biashara Bank of Kenya and 
two coffee traders have been 
charged with foiling to remit a 
total of KBhljOSfon in foreign 
exchange earnings from coffee. 

The fact that they are all 
Asians has led to fears that the 
80,000 strong community, which 
dominates private sector busi- 
ness, will provide the scape- 
goats despite the general belief 
that Kenyans of all races are 
heavily involved. 

Kenya seems to be doing all 
the right things for tiie IMF. A 
steady slippage in exchange 
rates has already devalued the 
Kenya shilling by over 30 per 
cent in the past year and the 
black market premium is a rela- 
tively modest 20 per cent. Pri- 
vate enterprise is encouraged. 

The Government has prom- 
ised to take measures facilitat- 
ing foreign and local invest- 
ment and to reduce 
p rogres si vely Import barriers to 
Increase the- competitiveness 
and export capacity of the man- 
ufacturing sector. It has prom- 
ised to' reduce the role of the 
state corporations and dp away 
with nice control on all but the 
most basic goods. 

In practice, however, there 
remain great problems both 

with the basic structure of the 
economy and the implementa- 
tion of the proposed remedies. 
At their root is the country’s 4 
per cent population growth rate 
and the shortage of unused fer- 
tile land - only 17 per cent of the 

total land area is described as 

Manufacturing industry offers 
the only hope of giving jobs and 
incomes to the 300,000 school- 
leavers a year, bnt even in the 
1988 boom only 20,000 formal 
jobs were created. Though the 
industrial sector grew by 6 per 
cent last year, its share of gross 
domestic product has only to- 
creased from 8 per cent in 1964 
to 13 per cent in 1986. 

Yet there is strong opposition 
to the Government's declared 
policy of reducing import barri- 
ers because of the threat to 
profits of more competition. 
Many local companies are con- 
trolled by people with high po- 
litical connections. Even with 
balance of payments support 
from the IMF and bilateral do- 
nors it may prove impossible 
significantly to reduce import 
barriers anyway unless there is 
a dramatic improvement in 
Kenya’s terms of trade. Despite 
new procedures streamlining 
import licence applications, 
companies repent increasing 
difficulties getting approval 
even for essential machinery 
and spare parts. 

The reduction of the role of 
the pureztatals is another area 
where the Government has 
promised but not yet delivered 
much action. The details or pro- 
posed reforms of the National 
Cereals and Produce Board, 
whose vast overheads contrib- 
uted heavily to the jump in the 
government deficit from 4 per 
cent to 7 per cent of GDP last 
year, are promised by the end of 
the year. 

But the question remains 
whether the country’s leaden 
have the political will to push 
through the necessary reforms 
while Kenya bus the resources 
to undertake them, or whether 
they will be swayed by the short 
term gains. 

Kim names 
martial law 
general as 

By Maggie Ford to Snout 

Sooth Korean opposition lead- 
er, yesterday surprised voters 
at his party’s nominating con- 
vention with the announcement 
of a new supporter -the military 
commander who was over- 
thrown by President Chun Doo 
Hwan in the 1979 coup. 

General Chung Sung Hwa, 
who is to become a permanent 

adviser to Mr Kim’s Reunifica- 
tion Democratic Party, was mar- 
tial law commander and army 
chief of staff in Seoul after the 
assassination of Mr Chun's pre- 
decessor in 1979. He was briefly 
jailed in the early days of the 
Chun regime. 

His decision to support Mr 
Ki m adds strength to the widely 
held view that the South Korean 
military now wishes to refrain 
from intervention in politics. 
Gen Chung appears to be re- 
garded as a man devoted to the 
professional role of the army. 

Mr Kim yesterday said that he 
was the only presidential candi- 
date who could guarantee to re- 
move the military from politics. 
Li .his acceptance' speech he 
promised to heal tiie scars of re- 
gional discrimination, and 
make efforts towards reunifica- 
tion with the communist North, 
including joint participation in 
the Olympic Games next year. - 

Stressing his plan to run a 
government free of corruption, 
he pledged to continue South 
Korea’s economic growth but to 
spread the benefits more fairly. 
He reiterated his view that the 
candidate of the ruling party, 
Mr Roh Tae Woo, must take re- 
sponsibility for his role in the 
1979 military coup which 
brought Mr Chun to power. 

Hr Roh is to be questioned on 
this matter in an interview with 
senior South Korean journalists 
later this week. 

Head Office: 

Also iocaleti in: 






KVESLYW* cMCAOftnJsauxw. ng HONO»>iiiaj^u*«ULi«scxja^«w\r*a!-UK»JAw^ sytney. 



‘.VACF- 1 j 





















We’re redefining the limits of 
international financial services 
And that takes more than just 
a global presence. 

One of tiie It-jclmg bonks in the world. 

D' B:-.r AG 

Hoad OfTce. Jurgen- Ponio-Piatz 1, 6000 Frankfurt'Main. 
Fed. Rep. of Germany. 

London Branch: 3. Frederick's Place. London. LC 2R SAT. 

Dresdner Bank 

Bank with imagination 

✓ • •* 

Financial Times TwwteY Npvwnl*r IG 1987 


Gatt panel upholds 
EC complaint over 

US calls 
for probe 
into meat 

Peter Montagnon looks at an unconventional loan package for an Airbus sale to Canada & 

Wardair ties the knot on novel 

T « • • A A auvH 

Japan s spirits taxes directive 


A GATT disputes panel has 
ruled in favour of a complaint 
by the European Community 

that Japan's taxation system 
discriminates against imported 
whiskies, brandies and wines. 

Japan should be told to bring 
its taxes into conformity with 
the General Agreement on Tar- 
iff and Trade, the panel recom- 
mends in its report doe to be 
submitted to the Gatt Council 

Last month, when preliminary 
reports on the Gatt ruling were 
leaked in Tokyo newspapers, 
Japanese trade officials in Ge- 
neva warned of its explosive Im- 
plications for domestic politics. 

The panel’s finding marks an 
important victory for the EC in 
Its campaign to force Japan to 
liberalise its markets. Commu- 
nity exports of spirits to Japan 
amount to less than Ecu 200m 
(£154m) a year, bat the EC Com- 
mission in Brussels has seen 
the whisky row as a test case. 

The Japanese may block 

adoption of the panel report by 
the Gatt Council, which acts by 

The powerful Japanese 
drinks industry is a substantial 
financial backer of the ruling 
Liberal Democratic Party. The 
tax regime sharply favours sho- 

Eowever, the Japanese will 
have to consider that failure to 

act on a Gatt ruling would allow 
th£ EC to retaliate. They may al- 
so find it embarrassing to ig- 
nore a Gatt decision alter they 
have been expressing strong 
support for improvements to 
Gatt, including to its dispute 
settlement mechanism. 

Tokyo could decide to imple- 
ment the partial reform of taxes 
on spirits and wines, which the 
Japanese Finance Ministry pro- 
posed last December and which 
the EC then rebuffed. It is even 
less likely to satisfy Brussels af- 
ter the Gatt panel report 

Apart from dismissing an EC 
complaint that the labelling of 
Japanese liquor and wines mis- 
led consumers, the panel comes 
down almost unreservedly in fa- 
vour of the Community’s argu- 

It agrees that Japanese grad- 
ing subjects imported whiskies 
and brandies to internal taxes 
in excess of those applied to 
'Tike* domestic products. 

Under the Japanese system, 
imported bottled whisky and 
brandy fall into the special 
grade which is much more 
heavily taxed than domestic 
first and second grade products. 

Ad valorem taxes on imported 
wines, spirits and liqueurs, 
which are considerably higher 
than on Tike” domestic 

products, were inconsistent 
with Gatt’s article in. 

By Our Geneva Correspondent 
THE US Is expected to ask the 
Gatt Council this week for a dis- 
putes panel to hear its complaint 
that the European Community’s 
third-country meat directive Is 
Inconsistent with Gatt rules. 

The directive, due to come into 
force on January 1, would re- 
aidre all meat exporters front the 
US and other third countries to 
comply with more stringent hy- 
giene and handling require- 
ments than those imposed on do- 
mestic producers within the EC, 
the US claims. 

A two-tiered system is current- 
ly operated In the EC. An intra> 
community directive (ICD) ap- 
plies to plants shipping meat to 
other EC members. Bnt commu- 
nity members can aifttutatw their 
own meat-handling rules for 
plants that do not export to EC i 

No more than M per cent of EC 
beef and 29 per cent of Its pork is 

shipped across borders under 
the ICD. Bnt the third-country 
meat directive would effectively 
extend the ICD requirements to 
the US and other third countries. 

This violates Gatfs rule that 
imports of Tike* products should 
be accorded the same tr eatment 
as national products, the US 

The new EC measure is not a 
response to any health problems 
connected with US meat exports, 
the US claims. 

MB MAX WARD, the Canadian 
entrepreneur, remarked proud- 
ly last week that Wardair, the 
airline which bears his r>nmo | 
has come a long way from its 
early- days (lying war brides 
across the Atlantic. 

Later this month it will take 
delivery of the first of 12 new 
Airbus A310 aircraft destined to 
help develop its profile as a 
scheduled- domestic and inter- 
national Canadian carrier. Last 
Frida y it signed a novel $504n) 
(£283m) loan agreement to fi- 
nance this purchase, which 
both It and its bankers believe 
has broken hew ground in the 
complex world of airline fi- 

Co-ordinated by National 
Westminster of the UK and Ban- 
que Paribas of France, the loan 
is the largest ever raised by 
Wardair. For European export 
credit agencies it also marks a 
departure from the traditional 
conventions under which they 
guarantee such business. Bank- 
ers involved say the deal is a tri- 
umph over three serious obsta- 
cles facing Wardair as it looked 
to finance itspurchase. 

The first was its low capitalis- 
ation - at the time only C875m 
(£33m). The second was its need 
for Canad i an dollar Binding, 
Which is not normally permitted 
under international rules for of- 
ficially-guaranteed aircraft fi- 
nance. The third was its desire 
for the longest possible maturi- 

According to Mr Adebayo 
Ogunlesi, a vice-president of 

First &oston, theUS bank which 
advised the company, the first 
problem was dealt with by a de- 
cision to : increase -the airiineY 
capital through a C$1 25m sale of 
subordinated voting shares and 
to reduce the overall financing 
requirement by a downpayment 
of 25 per cent compared with, 
the normal 15 per cent of the. 
US$672m total purchase price. 

The downpayment which is 
being financed through the sale 
of existing Wardair aircraft, 
will enhance the relative value 
of the Airbus aircraft as securi- 
ty for the main financing. 

This did not however, make 

er." This, is a guarantee without 
associated financing that can be 
used to back up issues in the 
capital market 
Bankers say an initially cau- 
tious Coface was prevailed up- 
on by the French Finance Min- 
istry to make ■ this move. 
According to Mr Don Twyfbrd. 
project group director, the deal 

creu, not leasing them. .-It was 
not satisfied with the 12-year . 
matimnm maturity on officially 
guaranteed aircraft loans and it , 
wanted . Canadian dollars to , 
minimise foreign exchange risk. 
This meant tapping the domes- 
tic Canadian bond market be- 
cause long-term swap opportu- 
nities in Canadian currency are 
Strictly limited. 

The result was a deal which, 
sceptics say. reeks of financial 
sleight of hand. Its structure 
carefully obscures the way in 
which the risk of the still rather 
highly-geared Wardair has been 
shared out among participants. 

For two of -the export credit 
agencies involved, Britain’s Ex- 
port Credits Guarantee Depart 
snent and Cofoce of France, the 

was an example of ECGp’s 
greater flexibility. The agency 
had been looking for ways to 
balance its risk portfolio by 
writing more business jn bet- 
ter-rated countries. 

Yet even then the decision 
was not easy. First, according to 
Mr Michel Mggqy of Bapque 
Paribas,' both agencies wpre 
'sensitive" to pricing and reluc- 
tant to see their guarantee used 

deal is, however, the first in 
which they have offered what is 
technically known as "pure cov- 

tant to see their guarantee used 








If avtr the City. 

ill# back of a 

from 18,5 ml 

liSiBd Mood nows. It's now. On 
WSr esnt Increase la total profits 
to £3L1 million ws’ro ploasod 

to annonat 

that our turnover on continuing 


up 48 per cent to £279 'Wlllion, f or 

tbs yeamwded 31st July 1937. That 

profit yoHj^Bfng baslnjgtos, nf 

Is also up. 

wo are 


isly placed to ca| 

listrlbute It li 

Impest and Im 

|$|ppiTlng worldwide, 

front, record It, publish 


ly, sell It on the High 

rot it bySItellite. And that wo are 

v 4Wcomi 

a final d!vg$nd of 2.65p pnr shore. 

for Canadian market borrow-, 
ings over which they bad no di- 
rect control. „ _ 

Second, rules on aircraft fin- 
ancing established by the Or- 
ganisation for Economic Co-op- 
eration • and Development 
require amortisation in equal 
six-monthly Instalments, while 
bond Investors generally prefer 
a bullet maturity in which re- 
payment comes in one lump 

Hence the need for the banks 

‘to bridge the gap. Under the 
deal, whieh all parties stoutly 
a maintain conforms to OECD 
rules, the two export credit 
agencies have made their guar- 
antee available to participating 
banks who will use it to back up 
their own letters of credit in 
support of bond issues in file 
Canadian market. But the guar- 
antees will amortise according 
to the conventional schedule re- 

-»i „F «L. matilHtu CtPIIP. 

would like to change the agreed 
repayment schedule because it 
means their risk would in- 

gardless of the maturity struc- 
ture of the resulting bonds. 

After 12 years toe export 
credit agencies will be out of 
the deal altogether. Then, to ex- 
tend its maturity to 15 years, a 
separate $130m refinancing 
credit will come into play, back- 
ed by a deficiency guarantee 
from Airbus Industrie, the man- 
ufacturer, to insure toe value Of 
the aircraft should a default oc- 
cur which necessitates their 

sale. This is the riskier part of 
the deal for which banks will 
receive a higher 35 basis point 
fee compared with toe 25 basis 
point commitment fee on the 
main transaction. 

Toyota plans engine 
plant for Indonesia 


Tatsuro Tpyoda, president of 
toe motor group, said toe hew 
plant would produce 72J)0p en- 
gines for the Klj ang commercial 
vehicle, with 50 per cent of out- 
put for export to Japan. 

Mr Toyoda said the plant, 
which is to be in production by 

is Investing 180m ringgit 
(£49.ftn)In pew facilities at its 

(£46. 5m) in pew facilities at its 
Port Dickson refinery In Ma- 
laysia, which will include rais- 
ing its capacity |q refine local 
erode oil to ioo per cent from 
the present 90 per cent, Reuter 
reports from SuaJa Lumpur 

The company sold that the 
move WH* expected to contrib- 
ute towards foreign exchange 
savings of about Rg20m annu- 
all y. The extension is expected 
to- be felly operational fey Feb-' 
nary 1988. 

Its present capacity to pro- 
duce bitumen will' also be' 
raised to meet the country’s 
road construction require- 

1SB0, would make use of Indone- 
sia's lew labour copts. 

■This Is Indonesia's first en- 
gine-making facility and is a 
timely boost for the country’s 
motor industry, which has suf- 
fered a dramatic decline in do- 
mestic sales and spiralling debt 
cost* following the appreciation 
of yen ana the 45 per emit 
devaluation of the Indonesian 
rupiah last year. 

In a move to reduce excess 
plant capacity which the Auto- 
mobile Association says is run- 
ning at 41 per cent, producers 
are allowed to diversity product 
fines without prior approvaL 
Meat year Indonesia also hopes 
to export 20,000 Lincahs - a 
four-wheel drive utility vehicle 
-to toe US. 

Taiwan approves broad 
tariff cuts for 1988 


PROPOSALS for sweeping tariff 
cuts on more than 3,500 items 
will almost certainly be enacted 
by Taiwan's parliament early, 
next year. 

. The Finance Ministry’s pro- 
posal which' have been ap- 
proved by the Cabinet is aimed 
at soothing Taiwan’s main trad- 
ing partners, who are demand- 
ing increased access to this 
market The government is also 
aware that a more open market 
will help upgrade Taiwan’s 
economy and industries in the 

The 3£Q0 items represent 
more than 8Q per cent of the to- 
tal on Taiwan’s tariff schedules. 
They include such consumer 
items as garments, shoes, colour 
televisions and video tape-re- 
corders, as well as industrial, 
agricultural and food products. 

long run. 
The cu 

.The US, which has been espe- 
cially vocal in demanding tariff 
reductions and the lifting of 
other trade barriers, has threat- 
ened sanctions against Taiwa- 
nese exports. 

. . cuts will bring Taiwan’s 
average tariff level down from 
20 per cent to 12 per cent, but 
most foreign analysts say that 
still more needs to be dope be- 
fore Taiwan can claim to have 
totally liberalised its trade poli- 

The threats stem largely from 
continuing trade deficits with 
this nation. Taiwan last year en- 
joyed a tlSfen surplus in Its 
trade with the US by the' 
end of l ast month, the surplus 
for 1987 had already surpassed 
the total for 1988. 

Asea and Amtrak secure 
mass-transit cars order 


cal engineering group which is 
merging with Brown Boveri of 
Switzerland, said yesterday that 
it has won, with* Amtrak of the 
US, a $44m order to supply mass 
transit cars to toe South-East- 
ern Pennsylvania Transporta- 
tion Authority (Septa). 

The Swedish group considers 
this a breakthrough because, 
till now, Asea has won orders in 
toe US for locomotives used for 
inter-city , traffic, but not for 
mass-transit cars. 

Asea believes that toe market . 
for electrically-powered 
systems of mass transit - such 
as commuter trains,- subway 
cars or light rail vehicles - is 
expanding in the US as more 
Cities are considering such 
systems, partly for environmen- 
tal reasons. 

Asea and Amtrak have 
formed a joint venture to supply 

28 mass-transit cars to Septa. 
Asea said that it will receive 
slightly less than half of the or- 
dervalue. _ 

. The Swedish group is supply- 
ing the car bodies and electri- 
cal engineering fittings. These 
will be sent to the l/S, where 
Amtrak will have responsibility 
for the assembly and fitting out 
of the car Interiors. 

The cars are expected to start 
operating by the end of 1989 on 
the Philadelphia-Norristown 
suburban line. 

•Ericsson, the Swedish tele- 
communications ami electron- 

ics group, has won a SKrllm 
(£L08m) order to supply 500 pay- 

(£L08m) order to supply 500 pay- 
ment terminals for the British 
Eftpos (Electronic Funds Trans- 
fer at the Point of Sale) network. 
These will be used in retail out- 
lets such as supermarkets, de- 
partment stores and petrol sta- 


Arguably this convoluted 
structure would have been un- 
necessary without tire restric- 
tive OECD rules. *To make an 

.airline accept a repayment or 22 
wars doesn't make economic 

years doesn't make economic 
sense," says Mr Tony El lam of 
National Westminster: 

At a time when most people 
involved in airline finance are 
worried that the bull market in 
second-band aircraft has 
reached its peak, few agencies 


Some, such as ECGD or the US 
Eximbank might support longer 
maturities, though with toe 
qualification that this should be 
on a pure cover- basis to avoid 
the extra cost of interest rate 

Others, however, worry that 
longer maturities are all well 
and good for prosperous air- 
lines operating in countries 
where toe capital markets have 
some depth. But once estab- 
lished for these airlines it 
would be hard to refose them 
for poorer borrowers where the 
risk of default is greater. . 

The Wardair deal also has an- 
other unusual feature Because 
West German rules require 
Binding for export credits to be 
ftmded locally, the West Ger- 
man portion of $20 1.6m is being 
provided directly by the state- 
owned Ereditanstalt frier Wld- 
eraofban and will not be raised 
in the Candiaa market 

The high yen has also added 
to toe cost of knockdown compo- 
nents Imported from Japan. 
Meanwhile, domestic input 
costs like plastic and steel have 
.remained high. 

More than $40Om has been in- 
vested in the industry since the 
mid-1960s, and over 20 foreign 
companies, mostly Japanese, 
have linked with local partners 
to produce some 45 different 

Mr William Suriadjaya. chair- 
man of PT Astra, Toyota's Indo- 
nesian partner and the coun- 
try’s . largest producer, 
predicted that "sales will in- 
crease substantially mice the 
industry is supported by domro- 
ticalty-made en gin e s ." 

Earlier plans to develop a do- 
mestic industry, by increasing 
the number of components 
made locally, . coincided with 
toe fall, in local demand and 
have been' postponed indefi- 

Car sales fell from a peak of 
220,000 units in 1962 tp around 
15QD00 last year. The Govern- 
ment has since abolished duties 
on several imported compo- 
nents.. - 

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FmanriaT Times Tuesday November 10 1987 

You drink it, of course, because 
you like it , 

Because it is pure, French, natur- 
ally sparkling, refreshing. 

Or you drink it because you are 
usually given Perrier when you ask for 
mineral water. 

Or because you ask for Perrier and 
not for mineral water, using the name 
as a generic. 

None of which quite answers the 

Why Perrier? ...... 

Why not some other mineral 

Why mineral water at all? 

To answer those questions, we 
must go back eleven years. 

In 1976, the British bought 6 million 
bottles of mineral water 

fewer Ilian 3 million of them were 
bottles of Perrier. 

And somebody expressed the not 
unreasonable opinion that the British 
would never pay for water. 

• In 1978, Leo Burnett ran this 
modest four-sheet poster in London: 


, ,v. > I 

M miMm . r 4 z ^l \ wm; and is still far and away 
the brand leader. 

Despite the coming of many new 

Despite even the competition of 

- -3.,V 

tr-EStti! 1":. 

aggfi&Y--. . ^ 


. *1 ■J, J ; < 

v. w; ; * 

V“ ' ' 

' , - jlpRte: 
288» : . 

. ‘ ITT. \ 

Since then, a lot of water has 
flowed under the bridge. 

Last year, the British bought 128 
million bottles of mineral water. 

More than 77 million of them were 
bottles of Perrier. 

In the last 12 months, Perrier have 
sold more than 100 million bottles and 
sold 4 million in one week alone. 

It has a bigger share of that much 

Not much, though, has happened 
to the advertising. 

It appears in more media and more 

Its success, in fact, is deceptive. 

The Perrier campaign looks 
far bigger than it is because it is long- 
running and consistent. 

Which brings with it an added 

Having built a brand, you can 
extend it 

Last year, Perrier introduced Perrier 

We considered other campaigns, 
but this was the launch advertisement: 

Perrier flavours have now sold 
more than 15 million bottles. 

The advertising, of course,isn’t the 
only reason. 

Perrier is an excellent product, as 
you know. 

But, without the advertising, would 
you have known it? 

parts of the country, but the campaign 
is still the same. 

Not because we are complacent 
or have run out of ideas. 

But because it is still building the 
brand and increasing the sales. 




Jeff Fergus, Managing Director, 

Leo Burnett, 43 St. Martin's Lane, London WC2N 4EJ. Tel: 01-836 2424 


i . . 

1 . 


Financial Times Tuesday November 10 1987 


Manufacturing costs fall 
for second month 


THE GENERALLY favourable 
outlook for prices in Britain 
was underlined yesterday by of- 
ficial figures showing a foil In 
manufacturers' costs last month 
for the second month in succes- 

The outlook remains favoura- 
ble despite an unexpectedly 
large rise in factory gate prices, 
which was attributed to what 
appears to be a one-off rise in 
Prices in the food, tobacco and 
drinks industries. 

According to the Department 
of Trade and Industry, the cost 
of Industry’s materials and Ax- 
els rose by 5.1 per cent in the 12 
months to October, compared 
with a rise of 7.1 per cent in the 
year to September. In October 
itsel£ manufacturers’ costs fell 
by 0.7 per cent on a seasonally 

adjusted basis. 

A leading factor was a fall in 
petroleum products prices, 
which was only partly offset by 
an increase in metals prices 
during the month. 

Sterling’s continued strength, 
together with generally weaker 
commodity prices worldwide, 
should moderate upward pres- 
sure in the prices industry pays 
for Axel and materials. The 

S ound's strength should also 
ave a moderating effect on 
British industry’s prices be- 
cause of the need to remain 
competitive with Imported man- 

In his Autumn Statement, Ur 
Nigel Lawson, Chancellor of the 
Exchequer, forecast a rise in re- 
tail prices of 4.5 per cent in 
1988. This is generally regarded 

by independent economists as 
being on line with, or slightly 
higher than, their forecasts. 

Factory gate prices rose 3.9 
per cent in the year to October 
and rose 05 per cent during the 
month itself The DTI said al- 
most all of this increase was at- 
tributable to a rise in prices for 
food, drink and tobacco. - 

These prices rose 2.4 per cent 
In the year to October, com- 
pared to 1-6 per cent in the year 
to September. In October, they 
posted a monthly gain of 08 per 
cent The DTI said this index 
rose chiefly because of in- 
creases in bread and milk, and 
cigarettes and beer, which had 
not risen during the year. 

Prices in other manufacturing 
activity, however, remained 
fairly stable. 

Ford hit by unoffical action 


PRODUCTION at Ford Motor 
Company’s Hale wood and Dag- 
enham car plants was disrupted 
yesterday by unofficial action 
in protest at the company’s 
three year pay offer. 

The company lost production 
of about 1100 cars after 800 
skilled maintenance workers 
walked out 8t Halewood, in 
north-west England. They were 
particularly angered by Ford’s 
proposal to break demarcation 
lines between skilled and 

semi-skilled workers. 

Production is expected to re- 
turn to normal later today after 
a backlog of faults has been 

About 1,000 supervisors at the 
Dagenham plant and the com- 
pany's research centre at Dun- 
ton, both in the London area, 
walked out after a mass meeting 
yesterday morning. Officials of 
ASTMS, the technicians’ onion, 
predicted further industrial ac- 
tion unless the company with- 

Customs fears on 
Tunnel drug traffic 


IF CUSTOMS controls are car- 
ried out on board trains arriv- 
ing at the British end of the pro- 
posed Channel Tunnel, UK 
efforts to curb international 
drugs smuggling would be un- 
dermined, civil servant unions, 
representing 40,000 uniformed 
customs officers, said yester- 

The warning came in re- 
sponse to a parliamentary bill 
authorising the Channel Tunnel 
project which would provide for 
on-board customs controls for 
trains arriving in the UK and 
journeying beyond London. 

Union officials said it was 
normal practice for UK customs 
officials to search ships and air- 
craft after passengers and crew 
had disembarked. If the same 
practice was not pursued on 
trains. Teal dangers would ex- 
ist of smugglers concealing 
drugs on the train for retrieval 
after the customs controls were 

Mr Jim Sweeney, an official of 
the Society of Civil and Public 
Servants said: "On-train con- 
trols would be a force turning to 
tragedy when international 
drug smuggling organisations 
exploit the inevitable weakness 
in the UK customs controls." 

The House or Lords earlier 
this year stated that on-board 
train customs control was al- 
ready widely practised on the 
continent. It argued that the 
practice reduced the time in- 
volved in disembarking passen- 
gers and was thus justified in 
commercial terms. 

But union officials have writ- 
ten to Mr Peter Brooke, Paymas- 
ter General, urging him to re- 
ject any application from 
railway operators for on-board 
customs controls. 

the nation at serious risk of in- 
creased drug smuggling* is too 
high a price to pay for a "fif- 
teen-minute” reduction in jour 
ney time. 

Union clears itself of 
print plant allegations 


LEADERS of the EETPU elec- 
tricians union have cleared the 
union of charges that it brake 
the Trades union Congress' 
conduct guidelines at Mr Ru- 
pert Murdoch's News Interna- 
tional's Wapping plant 
The EETPU's executive coun- 
cil yesterday received the re- 

port of an internal inqulxy ex- 
amining charges that the union 
continued to be involved at 
Wapping against TUC instruc- 

The TUCs instruction fol- 
lowed a year-long dispute 
which began in January 1988 

Admiral's Cup. 

An exclusive creation of watchmaking art 

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V CORUM, nic du Peiii-Chaieau. 2300 La Chaux-de-Fonds. Switzerland, jg 

draws its offer which includes 
for reaching changes to the role 
of supervisors. 

Officials of the manual 
unions, the Transport and Gen- 
eral Workers Union, the AEU 
engineering onion and the EET- 
PU electricians’ union, are ex- 
pected to reject large parts of 
the company’s offer at pay talks 

Granada launches 
£222m bid for 
Electronic Rentals 


GRANADA, the TV and leisure 
group, yesterday became the 
first British company to launch 
a major takeover bid since the 
collap se in world stock markets, 
with a £222m offer for Electron- 
ic Rentals, the consumer elec- 
tronics business. 

Almost immediately, its advis- 
ers went into the market, pick- 
ing up a 14 JB per cent stake in 
Electronic Rentals at prices 
ranging from 75L5p to 76p. 

Last night. Electronic Rentals 
was still undecided on its re- 
sponse ahead of a board meet- 
ing to be held today- 

Granada has made its bid con- 
ditional on a recommendation 
by the Electronic Rentals 
board, but reserves the right to 
waive this condition if 11 wishes. 

The two companies rank sec- 
ond and third respectively in 
the TV and video rental market. 

The market leader is Thors- 
EMI, the electronics group, with 
an estimated 40 per cent market 
share, Granada is thought to 
have something over 20 per cent 
of the market, and takes in the 
620-strong Granada TV Rental 
Chain . 

Electronic Rentals comes 
third with under 15 per cent, 
and markets under the Vision- 
hire name. In addition, both 
Granada and Electronic Rent- 
als have electronic rental and 

retail interests overseas. 

The large market share which 
a combined group would com- 
mand immediately led to mar- 
ket fears that the bid would pro- 
voke a reference to the 
Monopolies and Merger Com- 

Granada is offering nine 7.5 
percent convertible preference 
shares plus 585p in cash for ev- 
ery 20 Electronic Rentals. With 
Granada down 29p to 241p yes- 
terday, analysts were valuing 

Electronic Rentals wasraen 
as a strong growth company in 
the mid-1970s, but it has suf- 
fered from high borrowings in 
the wake of some less than suc- 
cessful acquisitions over the 
past two years. 

Pre-tax profits in the year to 
end-March reached £3&5m on 
sales of £306L7m, and analysts 
expect a fairly strong recovery 
to £23m in the current 12 
months. ' 

Granada, meanwhile; takes in 
four divisions, of which TV and 
video rental/retail is the largest 
- accounting for 60 per cent of 
trading profits and sales of over 

Pre-tax profits in the year to 
end-September 1986 totalled 
£92.4m and the company Is ex- 
pected to make over £110m in 
the year just ended. 

Lex Page 28; Analysis Page 35 



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y is inst 

it-lag. (You - 
about it?) 
er your tenor 
:ention span . , 

emary- You 

H exhausted, 

, sleepy dur- 
hours, and 
xtside meal 

(or circadian 
a if you’re a 
the result of 


ly lagging . 
people liv- 
itry you're 
ast, that’s 
dying east, 
you’ll be 
lead' might 

at your 

There' are ways of 
reducing the effects of jet 

You could start by 
being-young. Children ad- 
just to time changes much 
more quickly than adults. 
(Babies under three 
months haven’t yet fonn- 
. ed ; any dear biological 
/.rhythms, a$ many! a 
sleepless parent ■■ will / 
• -• testify:) “ • . > 

Being fit and healthy 
helps, too. . 

You can also try 
some pre-flight adapta- 
tion. If you're going east, 
go to bed and get .up 
earlier: going west, make 
it later. Also shift your 
meal times in the appro- 
priate direction. 

•*sr? y 

(Of course, while this 
may help you it may also 
drive these around you 

Once you're on the 
plane, take it easy gen- 
erally. It's not the jet 
that causes jet-lag, but 
the speed that it carries 
you across time zones. 

An uncomfortable 
journey can make you 
feel much worse, though. 
The low air-pressure and 
lack of humidify in the 
cabin don't help . much . 

So if you can’t sleep, ' 
relax. If you have to 
drink, drink plenty of 
water or fruit juice and ' 
go easy on the alcohol. If 
you want to eat, remem- 
ber your digestive system ‘ 
is all over the place. 

And if you're given - 
the choice, fly. Qantas. 

Bear in mind that 
any problems you may 
have on a flight will be 
exacerbated by the length 
of the journey. For in- 
stance, a slightly un- 
comfortable seat may be 
We realise that all bearable for an hour or 
amines talk about ser- two but will become an 
vice and comfort as if obsession beyond that, 
fhey have a monopoly. Qantas have been 

e truth is that things flying longer flights longer 

hke comfort are in the anyone. In fact, 

jye (or at least the be- • after KLM we’ve been 
hind) of the beholder. A flying passengers longer 
. ba “ experience can pot t han anyone, so we t hink 

you off for jjfe. Qantas we've learned a bit about 

®unt you to arrive Down flying long distances. 
Under feeling on top, but And so long as yon’re 

t want to make with us, we also think you 

any promises we can't deserve the best. So if you 

^ n P to do feel like a drink or you 

. however, we can are hungry, we give you a 

give you a few facts and choice of the best wines 

hope that you'll give us a and the tastiest food. 

(Our wines were recently 
voted best in the sky by 
Business Traveller Maga- 
zine. Our food is always 
fresh, never frozen - and 
in First Class there's 
even a specially trained 
Air Chef.) 

If you want to sleep, 
our seats are as comfort- 
able as any and more 
comfortable than most. 
(The First Class Seats are 
the next best thing to a 
bed. The Business Class 
seats are the next next 
best thing .) The linen 
pillows and all-wool 
blankets are the biggest 
in the sky. 

Our service is friend- 
ly and efficient. And our 
flight attendants actually 
speak English (though you 
may find the accent a bit 

Since we fly more 
people to Australia than 
any other airline, we 
must be doing something 
right If we aren't, we 
expect you to tell us. 

There are over 50 
physiological and psycho- 
logical rhythms that can 
be upset by jet lag, and 
they don't all get back to 
normal at the same rate. 

As a rough guide, it 
takes about a day per 
time zone to recover fully. 
To get to Australia, you 
cross through ten. 

Since time is money, 
recovering fully can be 
expensive. But so can 
making a bad decision. 
(Tests have shown that 
jet lag can cause up to a 
10% decrease in mental 
speed, accuracy and 

What can you do 
about it? 

It's best to start 
with some time off to 
relax and acclimatise. 
Don't rush into any 
meetings. (If you can 
arrange it, arrive on a 
Saturday and have the 
weekend to yourself.) 

Try to fit in with the 
new routine. This may 
mean propping up your 
eye-lids with matchsticks, 
but it's easier to will 
yourself to stay awake 

than is to wil 
to sleep. Waif 
and take in the 
activity is a g0 
dote to sleepiness 
When you c 
meeting, make sm 
a time when yc 
awake at home. 
WMe you could be 

Australia is i 
to go to m 
“fake. So befor, 
take off, make sure \ 
oymg with an airline 
j*? 68 a hout your 
“"V on and off 

. H you do mal 
mJStake going out, n 
mad - You can ah. 
correct it coming back 



Financial Times Tuesday November 10 1987 


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Michael Donne reports on the expansion at London’s second airport 

Gatwick reaches for a new skyline 

ond airport for London and the 
second busiest international 
airport in , the world after' 
Heathrow, is ga inin g a new sky- 
line as the £250m second pas- 
senger terminal building ap- 
proaches completion on the 
north side of the airport 

This huge structure -six times 
the size of the Royal Albert Hall 
in London, and as big as Termi- 
nal Four at Heathrow, which 
opened a year ago - looks strik- 
ing in its cladding of blue enam- 
el and silver aluminium panels 
and smoked glass. It is expected 
to open for business next 

Hie building (now designated 
the North Terminal, with the 
existing passenger area ren- 
amed the South .Terminal) is al- 
ready nearly a year late L as a re- 
sult of financial constraints 
imposed on the former British 
Airports Authority before its 
privatisation by the Govern- 

As a result, the terminal is 
now desperately needed, as air 
traffic over the past year has 
risen much foster than expec- 

The existing South Terminal 
has been expanded over the 
years to cope with a theoretical 
maximum of 16m passengers a 
year. In feet, in the 12 months to 
the-end of September, it “han- 
dled 18.3m passengers^ a rise of 
17.3 per cent over the previous 
12 months. By the end of .this 
year, the figure is expected to 
have topped 19m. Transport air- 
craft movements at the airport 
over the same 12 months rose by 
7.5 per cent to 166,100. 

Inevitably, congestion in the 
South Terminal at peak periods 

' -- - 

' '• " ^ t ' ' fc* 

Gaftwidfs North Terminal: handles 11 aircraft aia time 

is severe, and facilities are 
strained almost to breaking 

The North Terminal will raise 
the ultimate total capacity of 
Gatwick to 25m passengers a 
year, while it remains a single- 
runway airport Some sections 
of the air transport industry for 
a second runway, butsuch a de- 
velopment is now impossible. 

Not only has it been legally 
ruled out as a result of an agree- 
ment some years -ago between 
the BAA and'WeggSSssex Coun- 
ty Council; but land originally 
available for such a runway has 
been taken over by other devel- 
opments, such as the enlarged 
cargo terminal, a control tower 
and now the new passenger ter- 

The North Terminal is beii$ 
developed in phases. Whe n it 
becomes operational, about two 
thirds of its capacity will be 
available immediately, accom- 
modating tip to about 5m pas- 
sengers a year. ■ 

The remaining capacity, up to 
the foil 9m passengers a year, 
will be brought into use pro- 
gressively as traffic rises. De- 
velopment is expected to be 1 
complete by about 1891- 
The terminal will not only 
ease immediate strains, but .car- 
ry Gatwick through to themid 
1990s, when overall airport ter- 
minal capacity in the London 
area will be expanded by foe 
new terminal at Stansted Air-, 
port, Essex, now under con- 

The North Terminal is more 
tti a m 1km from the existing air- 

main-line station) by a comput- 
er-controlled rapid trawtt *»- 

tem. as well as by road. But the 
terminal is self-contained - in 
effect a Tmini-aiiport' in its own 
right, in much the same way as 
Terminal Four at Heathrow is 
separate from the central area 
of that airport 

The terminal will have road 
access from the A23 and MTS , as 
well as its own car pa rks, i ts 
own airlines (British Airways 
will be among the first users),, 
its own aircraft stands and han- 
dling arrangements, and even- 
tually its own hotel 

The philosophy behind the 
design of the North Terminal 
has been to make it simple and 
pleasant to use; What many be- 
lieve to have been mistakes at 
Heathrow's Terminal Four, 
such as dull and overpowering 
interior decoration, have been 
avoided, with lighter and brigh- 
ter colours. 

A large shopping mall, called 
The Avenue, the first of its kind 
at an UK airport, will supple- 
ment the exceptionally large 
duty-free shop. 

The fundamental design fea- 
ture of the terminal is -its flexi- 
bility. A grid of steel columns, 
positioned to give the maximum 
span over public areas such as 
the arrival and departure halls 
apt ) the shops, means that struc- 
turally each of the North Teoni- 
ual’8 three, floors is effectively 
open- plan. Partition walls can 

be eamly moved to. meet chang- 
ing requirements.' 

Electricity boards differ over sell-off 


CLEAR differences of opinion . 
are emerging between the two 
Scottish electricity boards over 
the way in which they would 
like the Scottish electricity in- 
dustry to be privatised. 

- The North of Scotland Hydro- 
Electric Board,. which serves 
the northern part of the coun- 
try, is believed to be opposed to 
the plan for the future structure 
for the industry favoured by the 
much Larger South of Scotland 
Electricity Board. 

The SSEB has made clear in 
recent weeks that it wants a sin- 
gle holding company set up to 
ow n bo th the SSEB and the 
NSHEB. The public would have 

shares in that holding company. 

The two boards finance their 
generating systems jointly and 
utilise their power stations ac- 
cording to -a single merit order, 
similar to that operated by the 
Central Electricity Generating' 
Board in England and Wales. 

Power Is drawn from the most 
efficient power station in the 
merit order, irrespective of 
which board runs it The Scot- 
tish boards handle generation 
and transmission, as well as dis- 

The SSEB believes that the 
two boards would keep their au- 
tonomy unde r the holding com- 
pany. The NSHEB believes that 
under a holding company it 

would lose Its Identity, staff mo- 
rale would suffer, and the ser- 
vice to remote, communities 
would su ffer. . 

The NSHEB would prefer the 
two boards to be privatised sep- 
arately, a solution that would 
also provide mote competition, 
since ft would be possible to 
compare the performance of the 
boards a gainst one another. 

The NSHEB does not think 
that the existence of separate 
boards would hamper the elose 
collaboration between the two 
boards. Charterhouse, its finan- 
cial advisers, are thought to be- 
lieve that with revenues that in 
19 88-87 totalled £32£5m the 
NSHEB would make a sizeable 

pic In its own right 

The NSHEB’s financial advis- 
ers are also understood to think 
that the board would be attrac- 
tive to. investors as a separate 
entity, althoug h so me conver- 
sion of the NSHEB's debt into 
equity might be necessary. In 
the last financial year, the 
board made a net profit of £22m. 

The two Scottish boards have 
to make their detailed submis- 
sions to the Scottish Office on 
the form of privatisation by the 
end of the month. Mr Halcdlm 
Rifkind, the Scottish Secretary, 
should present his own recom- 
mendations to the Cabinet by 
the end of the year. 


One reason why 
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the most cost-effective 
transportation system 
to and from Canada and 
the United States. 



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The achievements so far have 
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Financial Times Tuesday November 10 1987 


Shah moves 
into independent 

TV production 

Pact views 





UR EDDIE SHAH, founder of the Government insisting that 
tiie Today newspaper, is to set independent producers should 
up an independent television have access to abont 25 per cent 

ger Television Production. 

Ur Shah, who was once a tele- 
vision floor manager before go- 
ing into the newspaper busi- 
ness, said: "We will set up an 
intermediary production com- 
pany between the very small in- 
dependent producer and the 
big network companies ioclud- 

• fTTiKi pyrrjTri > 

ingtbe BBC." 

After his departure from To- 
day, Ur Shah has concentrated 
on the development of his Mes- 
senger group of newspapers in 
the Cheshire and south Man- 
chester area. He owns 24 free 
and paid-for local newspapers 
aod forecasts that the group 
will make a pre-tax profit of 
£2Aa this financial year on a 
turnover of £l4m. 

He has a 10 per cent stake in 
Today ,now owned by Mr Rupert 

Mr Shah nows intends to turn 
his attention to setting up his 
independent -production com- 
pany which will aim to encour- 
age independent production in 
the north of Englan d. 

Independent' television pro- 
duction is a growth area, with 

sion channels. 

Mr Shah believes many small 
independents will have trouble 
surviving through the 12-1S- 
month lead time involved in 
producing many television pro- 

Mr Shah's company aims to fi- 
nance the development of ideas 
and help with budgeting, ar- 
ranging finance and overseas 

"We are now actively seeking 
ideas from Independent pro- 
ducers. We want ideas, whether 
they are for religious pro- 
grammes, quizzes or drama,* Mr 
Shah said. 

He says he has already had 
talks with senior ITV and BBC 
executives and claims the res- 
pose has been 'extremely posi- 

The founder of Today, who 
played the role of catalyst in the 
transformation of the working 
practices and economics of the 
British national newspaper in- 
dustry, has no similar ambitions 
to revolutionise television. 

Messenger Television Produc- 
tion is already working on four 
ideas for documentaries. 

TWELVE senior military fig- 
ures from the Warsaw Pact saw 
the elite of Britain's armed 
forces in action yesterday, for 
the first time since the signing 
of a new treaty ie foster better 
links between East and West, 
and declared it had reduced 

the risk ef war. 

Armed with Just cameras 
and binoculars, they watched 
Intently as the Royal Marines 
performed a series of beach 

«' v. 

and helicopter landings for 
Exercise Purple Warrior In 
south-west Scotland, 

There was particular inter- 
est In a parachute drop by foe 
First Battalion of the Para- 
chute Regiment. 

Under the terms affoc Stock- 
holm Agreement 34 observers 
from the Warsaw Pact, Nate 
and non-aligned countries 
were allowed facilities to 
watch the exercise, foe biggest 
involving all three services in 

A total of 35 countries signed 
foe agreement, which allows 
for observers to watch military 
exercises in each other's coun- 

Ike Warsaw Pact sat repre- 
sentatives from the Soviet 
Union, Hungary, Bulgaria, Po- 
land, East Germany and Gao- 
choslovaUa. They were able to , 
quiz officers and men alike. 

Later Colonel George Gner- 
gulev from Bulgaria said: 
"Having met these men today, 
ft would be difficult to come 
ftce to face on the battlefield 
and shoot each otter.' 

Colonel Viktor Kozhin from 
foe Soviet Union said: "All ar- 
mies are foe same In general. 
It is very i m p orta nt to believe 
and test each other and relieve 
international tension." 

lmnm»nlat»ty dressed in his 
Soviet army uniform, he said 
he had enjoyed watching foe 
exercise which, he stressed, 
had been carried out to foe let- 
ter of tiie Stockholm Agree- 

Major General Istva Zsem- 
beri from Hungary found foe 
British officers were "correct 
and open.” He added: "This Isa 
small contribution to strength- 
en mutual confidence between 
the two forces." 

The observers are staying at 
a top-class hotel in Stranraer. 

Tonight lan Stewart, Armed 
Forces Minister, will host a 
dinner for the observers and, 
instead of the ostial loyal toast 
to the Queen, they will raise 
foeir glasses to foe Stockholm 
A g r eemen t. 

Sullivan nets £lm from 
Morning Star office sale 


lisher of the newspaper Sunday 
Sport, has sold foe former head- 
quarters of the loss-making 
Communist daily paper. Morn- 
ing Star, making more than £lm 
prefit from his three-month 
ownership of foe building. 

To the astonishment of many 
Communist Party members, the 
Morning Star sold its headquar- 
ters in London's Farringdon 
Road in July to Mr Sullivan's 
company, Apollo, which is best 
known as a publisher of soft 

Estate agents White Michaels 
Druce, which acted for Mr Sulli- 
van, said yesterday that AC 

Holdings bad paid well in ex- 
cess of £3m for foe building 
which Mr Sullivan had pur- 
chased for £2.1m. 

Mr Joe Malvisi, m a n aging di- 

rector of White Michaels Druce, 
part of Hanover Druce, said the 
£3m-plos price reflected foe 
spill-over effect of foe City of 
London and the feet that over 
the past three months the status 
of foe building for toll business 
use had been clarified. 

Mr Sullivan originally bought 
foe 23,000 sq ft building to be 
the headquarters of foe Daily 
Sport, foe national daily he in- 
tended to launch next year. The 
bnilding became surplus to his 
requirements after the relation- 
ship, which has since collapsed, 
between The Star and Sunday 

Hr Sullivan said last week he 
now had no immediate plans to 
torn Sunday Sport into a daily. 

It is believed that AC Hold- 
ings plans to develop foe site 
for offices. 


ivv. • 

& * 

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Holiday groups calm over cuts 


TWO OF foe lax 
tour operators, 

sst UK package son’s move succeed at their eat- titer price cuts. • 
itasunandHo- pense. They also fear that by conceit- 

Plan to convert Colditz 
Castle into luxury hotel 

rizon Holidays, yesterday re- Tf there is a realignment of tratingon 

fused to be panicked into Imme- market share in favour of Thom- is not 
dials retaliation over foe flto son then there will be a price rising complaints from diagrnn- 
worfo of price cuts announced war like never before,* said Mr tied holidaymakers, 
on Sunday by Thomson Holi- Roger Heape, managing direc- Consumer c ompl a ints madeto 

days. tor of Intasun. - ABTA have risen by 38 per pent 

Intasun and Horizon , fob sec- ' Intasun sees foe Thomson this year. - 
ond and third largest tour oper- move as a reaction to foe lower -The ‘rear worry for the travel 
ators behind Thomson, said yes- prices first offered in foe Inta- trade, however, is in case book- 
terday they had no plans to cut sun brochures last mouth. togs do not -pick up in the next 

prices on existing brochures at Mr Cockerton also pointed out few weeks b ecause c on s um ers 
present that Horizon Holidays were are uncertain about the UK 

Horizon, however, yesterday very competitive in comparison economy after the stock market 
launched brochures for its with those offered by Thomson, collapse. 

Wings subsidiary - bought last The Thomson move, however, ' If bookin gs tor nest s umm e r 
month by foe Rank Organise- which will cut prices os more do pot pick up by early Decem- 
tioh - with an offer of £50 off than lm holidays, was criticised ber, then bom Intasun and Ho- 
published prices for eariy book- by many delegates to the Asso- rizon - and even Thomson - may 
ers. elation of British Travel Agents be (breed Into mak i ng further 

Mr David Cockerton, Hori- Conference meeting in In- price cats to boost demand. . 
son’s managing director, said nsbmck yesterday. • Hie Bank Organisation fa 

yesterday the discounts offered Travel agents and other tour' to. invest a further £S0m in foe 
on Wings holidays were not a operators fear the Thomson next three years In upgrading 
reaction to the Thomson move, price cuts will encourage con- its Butlins holiday camps and 
Bat both Horizon and Intasun sumers to defer booting holl- hotels In addition to the £Rte 
are determined not to let Thom- days in the expectation, of ftu> already qpen^aince J885- 

tbetravel trade 
the probl e m of 
bi from diagrnn- 


Roger Heape, managing direc- Consumer complaints madeto 

tor of Intasun. - ABTA have risen by 38 per pent 

" Intasun sees foe Thomson this year. - 
move as a reaction to foe lower - The reaT worry for the travel ■ 
prices first offered in foe Inta- trade, however, is in case book- 
sun brochures last mouth. togs do-aotpick up in the next 

Mr Cockerton also pointed out few weeks b ecause c on s um ers 
that Horizon Holidays were are uncertain about foe UK 
very competitive in comparison economy after the stock market 
with those offered by Thomson, collapse. 

move, however, ' If bootings tor nest summer 
prices on more do not pick up by eariy Decem- 
s, was criticised ber, then bom Intasun and Ho- 
les to the Asso- rizon - and even Thomson - may 
h Travel Agents be (breed Into making farther 
eeting in In- price cats to boost demand. . 
ay. • Hie . Bank Organisation is 

ham German pHnnervC- 
war emv during the Se cond 
World War, may soon be turned 
Intoa luxury five-rtarta&sL .. 

' The phoL announced' vestar- 
i*y at the AsMtiatkw of Brit- 
ish Travel 'Agents Conference 
in instance, ii aimed' .at 
bnnilfiig tourism to East G»- 
many fleam the UK. - 
But the scheme has still, to 
receive official ap pr o v a l from 
the East German Go ver nm ent 
ond It might also ran Into prob- 
lems from Celdftx mmwn , 

who may see foe scheme as de- 
secrating the memory efeom- 
radesvue died trying to es- 

Kr Thun said yesterday 
that there would he toe ftm and 
games' at the g re pcsed hotel. 
*We are not siring to ask people 
to pay to get to and then lock 
ton up Until they escape,* he 

The man behind the scheme 
la Mr Greater t**—) saanag- 
ing director of German Tourist 
Facilities, a UK tour company 
specialising in holidays to 

Rsrt filrr m wiy . 

V But Mr Thau hopes to in- 
vite same of the former prison- 
ers .to visit the hotel. If it is 
baQtTlfs time tiny would he 
able to leave at the end of the 
weekend,' he said. 

Colditz Castle, which is situ- 
ated Jsuit outside Leipzig in 
East Germany, was built In the 
late: 17th century by August 
foe Strong, Slug of Poland. It 
was first turned into a POW 
Camp in foe First and Second 
World Wan. - . - 
. The Nazis believed the eastle 
was es cap e- p r oo f and used it to 
bouse ’difficult’ prisoners - 
those wlm had already tried es- 
caping from ofoer.FOW camps. 

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.y ear-old Australian widely 
.credited as the driving force be- 
hind Vauxh all’s sales revival in 
the UK since the earl; 1880s, 
has left the chairmanship of the 
.General Motors subsidiary. 

Mr Bagshaw has returned to 
-his native Australia to become 
.managing director of Holden, 
GftTs Australian subsidiary, af- 
ter the' retirement of the previ- 
ous managing director. 

..His successor as . Vauxhall’s 
*• chairman and managing direc- 
tor is Mr Paul Tosch, s 47, who 
has been chief executive and 
general manager of GlTs Bed- 
ford commercial vehicles divi- 
sion since January of last year. 

Detroit-born Mr Tosoh will al- 
so continue, at least temporari- 
ly, to be in charge of .Bedford 
pending the expected comple- 
tion of the' purchase of its 
Dunstable-based truck 

operations by Mr David Brown's 
All Wheel Drive group of vehi- 
cle production companies 
based in north-east England. 

Bedford's van operations 
were placed into IBC, a new 
Joint company with Isuzn of Ja- 
pan, in September. 

Bedford said yesterday that 
details of the truck operations 
sale were still being finalised, 
with completion possible in two 
to three weeks. The Department 
of Trade and Industry an- 
nounced yesterday that it -had 
decided not to refer the sale to 
the Monopolies ' and Mergers 

Mr Bagshaw, who assumed 
the chairmanship of Vanxhall 
in February last year, had al- 
ready left for Australia, .the 
company disclosed yesterday. A 
genial, figure, happy to be 
known by his nickname of Bags, 
Mr Bagshaw- was known to- be 
keen to .return, eventually to 

His uninterrupted career 
with GM began with. Holden in 
1948. His Grit involvement with 
Vanxhall was as marketing' di- 
rector in 1981 and director of 
car operations the following 

Jobs Bagshaw: returning to 
- Australia . 

Prior to- taking the top job at 
Vaaxhall, Mr Bagshaw had a 
spell as executive director- of 
sales, service and. parts for. GM’s 
European car- operations based 
at Adam Opel in. West Germany. 

Although there had been: lit- 
tle prior indication that MrSog- 
shaw's .-departure was Immi- 
nent, Vanxhall was at pains 
yesterday- to emphasise that 
there were no adverse connota- 
tions to the move. 

/ Although- Vauxhall’s- market 
share has . fallen:. to just -more 
than 14 percent this year from a 
peak of 1&5 per cent- in 1989, Mr 
Bagshaw- had previously, made 
dear that he was ready to sacri- 
fice sales in pursiii tof the' prof- 
itability ' that -had - previously 
eluded Vauxhall . 

- Mr Bagshaw forecast only last 
month that Vanxhall would 
move -from* a £&L7m net frisk in 
lBBffto a "Solid” operating profit, 
antd possibly a* net profit, in the 
current financial year following 
progress in a cost-reduction 
programme - now about halfway 
through - aimed at cutting -costs . 
by 29 per cent over, three years 1 
and staying clear of price wars. 

to build 

By Andrew Taylor . 

MIDLAND BANK and Tarmac, 
one of the UK's biggest con- 
tractors, have combined to 
form a consortium to design 
and build prisons Which the 
company says could be fi- 
- nanced privately if the Govern- 
ment wanted. 

. - The consortium,. Includes 
BMJM. architects: Oscar Faber 
: Partnership, structural, clvfl' 
-and building engineers; Wld- 
- nell -.and Trollope; quantity 1 
.surveyors amLGroop 4 Secari-r 
. tas,the security company. 

In September, John Mowlem 
and Sir Robert McAlptne, two 
other leading eonstraction 
groups, announced a joint ven- 
ture to Investigate the possibil- 
ity of privately financing, 
oailding and running prisons 
In Britain. 

Tarmac said yesterday Its 
plans would not involve the 
consortium in running prisons 
although it might provide an- 
cillary service such as prison 

'. It said the consortium would 
‘offer its services to help to 
raise private finance for prison 
bu i l d i n g. It would also bofid 
and -provide services for pris- 
.Ohs -financed, conventionally 
through the pnbUc sector. 

• Tht ability to offer a com- 
plete destgn-and-buUd pack- 
age, whether financed private- 
ly et publicly, would, improve 
the speed and efficiency of 
eonstraction and red ace costs. 
Tarmac said. 

It would require the Home 
Office to hand over the organi- 
sation and administration of 
projects to the private sector, 
which had more experience of 
construction management and 
modern construction methods. 

Tarmac is completing a 
£30m category B prison at 
Garth near Preston. BMJM and 
Oscar Faber are also involved 
in the prison building pro- 
'gxmune, designing and con- 
structing large prisons. 

Group 4 Securitas will ad- 
vise on all aspects of security 
as well as supplying sophisti- 
cated security devices and 
systems, said the consortium. 

Minister pledges safeguard for 
dons with unpopular opinions 

A LEGAL SAFEGUARD to en- against Mr Dqvid Selbmime,.a 
able academics to express un- -tutor at the college, because he 
popular views without losing had written an article for The 
their jobs was promised by La- Times newspaper which was 
dy Hooper, Under-Secretary for then in dispute with the print- 
Education. yesterday. ing unions. 

Education, yesterday. ing unions. 

She said toe safeguard would ^ solbourne later left the 
be contained in the new Educa- oiiA«inv- that it had 

tion Bill's clauses limiting the SSSfc BSSMSeS con- 
career-long job security eonven- ^ , * 

*° ’“ ns ' tt “ irer ’ Sir Albert ft report state, that, 

u ■?* or fr>re* on the re- investigating the incident in- 

SSUftS mnESitlES volvSg tir Selbonrne, Ruskiu 

mente for maintamtog academ- needed to tighten up its ar- 

OrfhJ3 d 2hi>h ^ usk | n CoUpgj rangements for ensuring the 
l £2SSJ££? fr e«lo“ of its Individual staff 

with the trade union movement members to hold and voice 'any 
The inquiry, beaded by Sir Al- point of view, however uupopu- 
bert Sloman, former vice-chan- lar, controversial, uoconven- 
cellor of Essex University, was tional or eccentric that view 
set up last year after some Rus- may be." 

kin students initiated boycotts The college's executive corn- 

kin students initiated boycotts 

e college's executive com- 

Phillips & Drew to 
merge with UBS 


PHILLIP S A DREW, toe London 
stockbroker, is to be merged 
next year with UBS (Securities). 

. the London-based international 
capital markets arm of its part 
ent. Union Bank of Switzerland. - 

The combined company, with 
a staff of L350, will exclude the 
fond management business of 
. Phillips & Drew, which is to be. 
united wfih toe private banking 
-operations of the London/ 
branch of UBS to form an asset 
management company. 

A UBS spokesman in Zurich 
said yesterday that no jobs were 
expected to be lost The forma- 
tion of a single securities com- 
pany, yet to be named, .is to be 
completed in time for the move 
of both companies into their 
new home in the Broadgate de- 
velopment in the City of Lon- 

Overseeing toe combined op- 
eration wifi be Mr Rudolf 
Mueller, who took- -up an ap- 
pointment yesterday as execu- 
tive vice president UK for-UBS. 
He has been responsible for the 
sale and trading of securities 
worldwide for the UBS group. 

Ur Biyce Cottrell, chairman 
of Phillips & Drew, will retire 
on the merger, and Mr Mueller 
will at that point assume direct 
responsibility for (he new com- 
pany in addition to his broader 
role. Mr Keith Percy or Phillips 
& Drew will be chief executive 
of the asset management com- 

UBS said the moves under- 
lined its confidence in toe Lon- 
don markets and would create 
greater synergy between the 
London operations of the bank. 

mittee and council should ap- 
prove a "clear and unequivocal 
statement embodying the prin- 
ciples of academic freedom' 
and give it wide publicity with- 
in the college, particularly by 
bringing it to the attention of all 
new entrants. 

Ruskin should also provide 
students and staff with a dear 
definition of what constituted 
breaches of discipline, includ- 
ing conduct that was likely to 
obstruct the holding oflectures. 
classes and other Toms of in- 

As a last resort, if a dispute 
between the college authorities 
and 'a staff member about aca- 
demic freedom could not be re- 
solved by internal procedures, 
there should be provision for an 
independent review by a person 
nominated by toe Chancellor or 
Oxford University. 

British Rail to 
improve night 
sleeper trains 

BRITISH RAIL is making im- 
provements to its overnight 
sleeper services which it hopes 
will give passengers a deeper, 
more relaxing sleep and en- 
courage more people to use 

Sleeper trains will make few- 
er stops and travel more slowly 
to lessen braking and accelera- 
tion. said Dr John Prideaux, 
BR’s Intercity director. 

^Dr Prideaux, announcing the 
improvements ion service to the 
Chartered Institute of Trans- 
port yesterday, said BR was in- 
vesting in 31 lounge cars 
Four services will be 
launched next May, from Plym- 
outh to Edinburgh and Glasgow, 
Poole to Edinburgh via Sou- 
thampton, Reading and Oxford, 
aiid from the Midlands to Aber- 
deen and Inverness. 


New loans rise to 

£3.2bn as consumer 

. * 

credit accelerates 


BRITAIN'S consumer credit ac- 
celerated in September, with 
new loans extended through 
hire purchase agreements and 
credit cards totalling a record 

The Department of Trade and 
Industry said yesterday that to- 
tal outstanding consumer debt, 
which takes into account any re- 
payments, rose by £400ra daring 
the month to stand at £21.9bn. 
That represented an increase of 
14.5 per cent since the start of 
this year. 

The latest figures suggest that 
consumer borrowing patterns 
are little influenced by small 
rises in interest rales. In Au- 
gust, the Government raised 
base lending rates from 9 to 10 
per cent, but that appears to 
have done nothing to dampen 
demand for credit. 

During the three months to 
September, which gives a clear- 
er picture of toe underlying 
trend, the total of new borrow- 
ing was 8 per cent higher than 
in the previous three months. 

The apparently unstoppable 
rise in borrowing has been a 
cause for concern to the Bank of 
England, because of the possi- 
bility that an increasing num- 
ber of individuals may over- 
stretch themselves and because 
or the wider implications for 
control of the money supply. 

Sharp falls on world stock 
markets over the past few 
weeks, however, mean that the 
pace of credit expansion will 
have only a muled impact on the 
authorities' interest-rate policy 
in the immediate foture. Inter- 
est rates have been reduced 
twice over the pasL two. weeks 
and forther reductions are ex- 
pected unless financial markets 

In separate figures yesterday 
the department confirmed that 
retail sales volume fell during 
September, but the underlying 
trend remained upwards. Dur- 
ing the latest three months the 
volume of sales was more than 
2.5 per cent higher than during 
toe previous three months. 

Shares fall 4 will have 
slight dampening effect’ 

THE STOCK market crash is 
likely to have only a slight 
dampening impact on Britain's 
growth rate next year, although 
it will damage toe outlook for 
the balance of payments, ac- 
cording to a group of indepen- 
dent economists. 

The Item Club of independent 
forecasters said in a review of 
the crash that pessimists over 
toe outlook may be Tailing to 
take into account the beneficial 
impact of the share price fell on 
inflation and interest rates. 

The club, sponsored by Ernst 
and Whinney. the accountants, 
says that the growth rate of 
Britain's output as measured 
by gross domestic product will 
be reduced only by 0.2 percent- 
age points in 1988 after the 30 
per cent fall in share prices. It 
therefore still expects output to 
rise by about 2 per cent next 

Item's simulations suggest 
that without any other changes 
consumer spending might fall 
by about 0.7 per cent 

Lawson hopes to see deal on 
US budget agreed this month 

cellor of toe Excheq uer, hopes 
that the US Administration can 
have a package of measures to 
reduce the US budget deficit 
that it can put to Congress by 
November 15. A meeting of toe 
Group of Seven, the world's ma- 
jor industrial democracies, 
might follow within seven days 
of the package being approved. 

The G-7 meeting would be de- 
signed essentially to review and 
update the Lduvre'agreement of 
February which -was intended.'; 
to introduce a period of ex- 
change-rate stability. . 

The Chancellor said in an in-' 
terview with the Financial _ 
Times yesterday that he be- 
lieved that the reason for the 
Febmaxy accord still obtained. , 
That was primarily to stop the* 
wild, gyrations of the dollar on- 
the foreign exchange markets. . 
However, 'a very clear commit- 
ment bjy toe US' to the princi- 
ples or the agreement was . a 
'sine qua non" of its reaffirma- 

Mr Lawson declined to com- 
ment on what he thought the 
doHar exchange rate should be 
m advance of a G-7 meeting. 

He made clear that there 
were two mam parties involved = 
incurrent arguments: the Ger- 
mans and the Americans. He - 
said-he believed Mr James Bak- 
er. the US Treasury Secretary, 
was trying . very bard to achieve 
the package and appreciated 
the international dimension of 
toe problem in a' way that hot 
all Americans do. 

The Chancellor added,, that 
his strictures on the US in his 
Mansion House speech last': 
week were hot aimed attheUS 
■ Administration, and: certainly 
not at President Reagan; burst 
the US Congress and the US po- ‘ 
Ktical processes in generaL He 
thought thereto* no particular 
divide between the US Federal 
Reserve and the US Treasury,, 
but that with the recent-depar- 
ture of Mr Paul Vnlcker a* 
chairman of the Fed it was Inev- .• 
itably Mr Baker whowasln the 
driving seat. ; - 

it was essential that any US • 
•package 1 should Include some 
element," if only as ajn ekr- 
nest pf how seriously the prob-.V 
lent was being taken.- Itwas al- 
so important that toe effects of 
the. package should extend well. - 
into a -second year and. have a 
long-reaching - structural • ixn- ■ 

Since the current US fiscal 
year started on October 1, itwas 

bound to be what was planned, 
for the second year that mat- 
tered. The US had, in any case, 
done quite well in reducing the 
budget deficit In fiscal. 1887. It 
was what came next that:was 
causing concern. -• 

In West Germany Mr Lawson . 
said he believed the Baades'/ 
bank was divided. over mone- 
tary policy. One section thought 
that policy should be governed 
solely by .what was happening to 
central bank money which had - 
been expanding very fast That 
was why there had been a ten- 
dency to raise short-term inter- 
est rates,; which. Mr Baker had 

Another section believed that 
wider considerations should al- 


so be taken into-aecouna^iin- (HTFS) when itwas first set out 

eluding exchange rates. “ahartiy after -Mrs Thateher-be* 

Dr Gerhard Stbltenberg, the came Prime Minister and Mr 
West German Finance Minister, 'Lawson was Financial Sec re- 
was allied with the latter sec- tary at the Treasury. Tt would 

tion ' and -Mr Lawson left no 
doubt that be himself was close 
toDrStoltenberg. ' 

ve a greater guarantee of sta- 
ilily and continuity.' 

The Chancellor expressed lit- 

The Chancellor said the first tie doubt, however, that the 
half-point cut in British interest pound could continue to be 
rates, after the stock market fall held at the present level of 
last' month.- had been decided around DM 3, despite the differ- 
upon for wholly domestic rea- ential between British and West 
sons. The second,' -ahhoanced! German inflation. It had stayed 
last week, was determined after at that level since the budget in 
consultation with - bis Interna- March and there were two rea- 
tional partners, but Mr Lawson sons why it was desirable that it 
said that - he would have goae should go on doing so. 
ahead in any case.- One was that' it provided a 

Further decisions on interest *useftd -anti-inflationary dlsci- 
rates will be taken as and whfen pline". The other was that busi- 
appropriate, but. Mr/isw^«ess.-ftp4 Industry ...wanted, to. 
said that, interest rate • erfts know where they atoodLClting a 
could be part of the G-7j?ackagB recent CBI survey, he said that 

if it comes. 

business was now more Inter- 

Going bac k to the Louvre . ested in stable exchange rates 
Agreement,' the ' Chancellor than in interest rates. 

’ Asked What would happen if 

the Americans foiled to give a 
firm commitment to the ex- 
change rate in domestic policy. 
Mr Lawson argued that Britain' 
could live with it *We did live 
with it for years - fauge sterling- . 
dollar fluctuations.' The .Japa- 
nese had adjusted to big swings 
as welL but the Germans .had: 
more ' problems. However,. It 
would still be better for every- 
one' if a breakdown could be 

■- It was ton early to say what 
effect the Stock market fell -and 
the dollar weakness would have 
on third ' world debt, but the 
Chancellor noted that Brazil 
the biggest debtor of all - had 
.been' moving closer to a deal 
with the Intemation Monetary 

- On domestic policy Mr Law- 

... . son- notably declined to say that 

Nigel Lawson:, s trictu res ^.not ' he would react to any threat of 

- 1 tabued at Keagau'.: recession .by- significantly in- 

claimed that although it* creasing' the public sector bor- 
sentiaBy about exchar^e rates’ rowing requirement There 
there hid been an understand- would be "flexibility*, he said, 
ing , that toe partners would but he would be "very reluctant 
have to accept "Interest-rate Indeed" to see borrowii^ rise 
consequences". . *' --- above -the one per cent of gross 

Mr Lawson thought the Gerf .domestic' product set down in 
suins had:befea. unduly alarmed tiuMTTS pad reaffirmed In last 
by talk Worldwide wfeqrf Yre^kteAufrunn Statement Cur- 
jgenqe of inflation, and had act- - lEuTbofrowing is'estunated at 
ed accordingly.^ That danger one-quarter per cent of GD P. 
was novk over, although West r As, for the fete of the BP isstre, 
Germany might frave a large Jwhich wa* caught op- in the 
.role toplay in' any discussion ^, -stock market fa]l, : the Cbancel- 

toe G-7. ' • ^ fterfeaid that there was due to be 

VThe Chancellor gave no Inti- 'a breathing space in the series 
mail on that Britain wasready to ,©f privatisations in any case. He 
become a foil member of the had always planned to take 
European Monetary Systemas a. tafock of the exercise, tap (he 
consequence of any intenmtion^Ybrains ofadvisers and exami ne 
al agreement - or^of the la& 6{.;*the' lessons of the privatisation 

it we are going for the biggest programme to date, 
prize*,- he said. Which was to Mr Lawson added, however, 
stop toe “wild gyrations .OF the that he would be waxy of admit- 
doUar". ' ting something Lite clause eight 

He elaimed toat he was sot- in-the -BP contract with the on- 
convinced th a t foll membership derwriters again. That was the 
.would give BriislB-gre&er in-' clause that enabled the under - 1 
fliience over the ‘’jponty'of the writers to appeal to the Bank of 
Bundesbank. He wondered out England on the grounds that | 
loud how toe Bundesbank could market conditions bad materi- 
be .influenced but added that it ally changed, 
would be an attraction if it the The Chancellor said that he 
influence could - come- from had no worries that the target of 
Britain. . £5bn a year proceeds from pri- 

Mr Lawson then -said that the vatisation would fail to be met 
'greatcr. stronger case" for join- There were no immediate fo- 1 
. ing the EMS was the same as the hire candidates, but if some- ! 
case for the British Medium thing new came up - like steel - 1 
Term Financial Strategy he- would not stand in the way ! 


A weak economy will 
abort the reform 

Lett Abmhomse, a wtU-Anown Souzh African businessman on the board of numy 
companies, including dtairmemship ofSyfrets Trust Ltd A NEt Africa Lid., who has 
recently uAatcver as Fresidaacfthe South Africa Inundation talks to John Spin, 
Fintmce Editor of the Johannesburg Sunday Star. 

oa in South Africa and trying ® of&a ihe perctp- 
lionfi in We mnxfc of some If. * the sue time, one 
isn’t dde io say (hn there are drags wbteh hne to 
be changed re Souih Africa, fa asking a Sueien m- 
dknee to have confidence in South Africa's More, 
n* have to convince them tint we have confidence 
in tbst future ouisdves and that we are hying u plw 
our pan in bringing ahem the drays needed to jusdfr 
that confidence. 

Thus, there's been a chrage in emptaia- 
SphnsHmatbwat»»iinlnffi!ina>nr jpqnof 


Abnhnnre: About 27. yew ago, when there ms ■ 
eremdeal of soess in the coony. s number of South 
wqvconcemed dm renakms abroad ucre crating 
npempdoa that South Africa had degenerered to the 
point of five mimnea to m id n i ^n . 

A gmn of these bnineamien decided to set up n 
corennucafrHV pnmamsietD onumer-wtau ■ 
tod» The danger was that tabbies would develop 
^ aoad d m mqhi preg ferdicboiajdorfStMh Africa 
faecrene of apenheid rad its related policies. 

prire people representing rome of the moa impor- 
nreieapcailana in ihecoraii> opmed rad developed 
mall butdfeaheopenbODS in London. Utahns- 
' tan.- Bonn and Phris. Other centrea h ave co me under 
comidaoika tea there bare been coastnims insofar 
as we are rraniqg a snail operetion funded solely ly 
coe porate and. to a maiginal .extent, individoal 

Splra: Has then ever been any gem-uncut 

Abnhaora: Afantoldy not. May haue seen ns as 
afrottforthc pj v uuintn tiBidvwitilJ nrt^gional ly 
nm in» dds problem. Wfc are conanenaiore on ihe 
Sou* African acme but do not pactidpaw in pany 

The* uraathne when some critics diougta we were 
raoeutnl dm we wereabnoa naandl fadeed.ioine 
perceived ns as having accepted the status quo: we 
were era sees at apologies — which is qcdie no- 
true. Mote recently: toc’ve made some progress 
UMidt correcting dm hnage. 
quiefrtun the prhmeaeclDr mid wfrat strings an 

. ndUon a «r and, sure, we need to deliver if diose 
. contrih un aw ate id fceq>.cotxang hi.-. 

Oneray in winch we do dc&ver is via maiHD-tnan 
oomndneesAr some 30 different cocaines. Should 
wehaueaviihoi 6uunwnM.aMnan-«MnandiBCus- 
aiodsireinrafBdiocnrtdei h e v isapriomtaetawide 

aoHcaka ct peofrie who are both ftr and agains 
ihe poticies of the government. 

.-' Vfe befiere that h a important for ev er y visitor to 
tte Cooney mbeattaded th e opp on raity id fctrn his 
own views and k> net poka» of vyctv wfuch may con- 
flkawto the osteal viewpoints. ObviouiJy. we canT 
hfliW to vaale our time rad nueey on bringing out. 
puppets ted jea-men. If they ate really imponnm 
ophMtHnaigm bach botne, nicy will uH»uy pretty 
mtoptt in w fah em u fa nypwncn- 

So what wcNe scurfs lo do with an bctewtOB kv- 

be ridotb wfluance dm d ev eto pment of opbioo 
abroad. That's one of die roles at this end in South 

- The rale abroad is that our eoQeagaa rarenog die 
tweneas offices try to keep contact with Ihe meda. 
JnTmeHicn and raportaot segments of the business 
MMto MMmnlim — ihuipniniiBghgBimitfae 

Ahnhantt. What we did a few mantis ago was lo 
reamem car taisoe d’etre. Wh cane mjhe conchohn 
that as representatives of busmesa. our main thnut 
bad to be id funher the hueaeMsof all South Africans 
as a maaer of intelligent. I^jthtm sdf-innea. 

An essafoi iraiEdieu in achferingihb twa lo con- 
tinue m do everything possible to ootnnbtneionaids 
amowystsocKty. W: appreciated, idol dm we had 
lo recognise the obvious fey gotngbw* kj bases — 
dt a Sout h Africa is a country wim a ripijy expand- 
ing pnp tib a ioc md aoIccfintPgGWPptT capita over 
the pail five years. 

Hence an essential challenge to this county is to 
provide an economic climate supra enough ior the 
reform proem not » be atoned. Tnerefore. we hal 
» do everything possible B stimulate the ccooooy. 

Further, we have id enco u rage die authorities to ae- 


trenchiogihe free enterprite sysrem (with all ium- 
tzaints) has m he pursued eneigeticaDy The legili- 
ties inhfoUinK. die opemtion of a fret economy, such 
as those restnetmg the mobility of taboor. have to be 
renvwedmquxddy as goauUe. Unless this iaadiieved. 
we shall not be able to make foO use of dw county 
natural reaourees and our GNP growth will re main - 
vieus dangns.^ Tins we consiaer m be anr nran domes- 
tic thrust. 

Spin: Haw dea the Ramlarina see South Afti- 
cah ptaftiaw In a Somkera Abfcna eemexl? 

tiootss — both at home and foroad. They encourage 
asiegemeotality. Therefore Jay tfatahho u^i sa nc - 
tions are beginning to bhe marginally, they are not 
achieving — and will not achieve — the averaed pur- 
pose of the exercise. 

Splra: Can business ent «■ toftaenc* — (Snctiy 
or indire ctly — on Sooth Africa’s domestic 

Ahrihanae: Tbs. alduu^i such leverage should not 
nsy tisoDgh m various representative boifies has crane 
up with some very posaire craurfotuions affecting 
V ychwiwfi — die grantin' of leasehold and freehold 
rights » Wacfcs end the duniration of mllus control 
are examples. 

And we stall go oowoftinR in those areas where 
we feel we have fegoimacy and compci t nc c — press- 
fag ferderegulwira and privarisation. a higher gitxwth 
rate, the nurturing of the privae enterprise system. 
counaering jsNMwnfat dements and ayingm change 
govern tnerti policies which inhibit economic 

Vfct no business group achieves anything if if tna 
m do bj on a ctmfioiBational bras. Cowanmeats don’t 
ne piitaif iharww' with se gmen ts of its constituents. 
Here, then, the Foundation mua take a low profile. 
Such a starae has helped us to achieve impact in the 

C rad I believe will help us tu have impact in the 
e. Vfe most not confuse a low profile with lack 
of purposeful endeavour. 

Spine \bo*re spoken about CooBdeace. Can ooe 
talk about t”™*” in a country tike South 

ra South Africa rihoogn that process mighl be slower 
tfam mray would likelsimply bccraseiiaD boOsdoan 
to a question of intelligent survival. 

EvcnmaUy fawcsRm around the worid will return 
to South Africa because they will be looking for sta- 
bility: And oa the whole, no reasonable person can 
envisage acoOapse of suta&y in Sorah Africa. There'll 
a strong caw lor renewed comarinnem loam Edens 
in South Africa and id evidence this by a renewal of 
the flow of eapitaL longterm loans and technology: 
Sphntln which spedEc areas had the SAFoun* 
"datibarmanaged In make an tapact abroad* - 
AhnhaBae: Ft know of mRuences that we\e had 
wheiriy we'w been foie to slow down or sefren rerao- 
thipg that was planned. 

The Fwndaticn would be ireqpondile if it dahned 
that it was respans&fc. for example, for altitudes in 
the (JK. \fci the House of Oxnmoos Select ConBnh- 
ice on foati|n Aflsiis a vear or so back decided to 
concentrate on relationships between ihe UK and. 
South Africa 

For the fns time crer. that Comminee invited 
businessmen to appear before hand the first invka- 
tioo came lo the SA Foundation. I presented evidence 
for more than three hours. The final repeal that went 
through b> the Prime Minisier gave much credence 
B the South African business sector's point of view 
rad Ac SA Foundation was named in that report. 

lo spite of some hysterical outbursts drat were tak- 
int place aithai time, the official policy mnid South 
Africa temained a tempered one — no support for 
apartheid tM the recognition that nothing would be 
achieved by wholesale sanctions. 

Our offices in Paris and Bonn hove also been in- 
fluential in keeping the extreme auti-Souh African 
groups at hay. So we’ve been effective there, mo. It 
is essentially a qualitative a sses s ment. 

Splra: What could accelerate the reform process 
in South Africa? 

Abrahamae: Ifl had to mention one aspect it would 
hcacceknaed mueumera in Soutii Africa by interested 
overseas countries and companies. Ibis view is not 
heard unsympaibeticaUy. h’s a view that's being ex- 
pressed more and rrmreofen. I have already men- 
tioned this — and the fia that the reform process wifl 
be accelerated more readily inasnoqgectnoiiQMioi 
a weak, isolated one. 

Spira: VraVt romthnu d the RrasdatjaB^ciXRmit- 
ment lo the private comprise nratm. Does this 
have the rapport of the aaxn(ry\ hlaeb people 

Abratansn The rare (hare we have lo emmer in the 
minds of black South Africans is the association of 
the pri vne enterprise system and capitalism with ev 

Ahrahauase: Wh3e it is perfectly tree that at the mo- 
ment South Africa is rat accepted by members of die 
Southern African oo mnxini ty (for reasons whkfa we 
aUteow), the tagfen cannot realke its foil economic 
potennal wrifooutfoe foil cooperation of all the mem- 
ber countKes. The sooner vre are able to realise the 
goals wc Inc set for ourselves, the sooner we shall 
be .foie to fhlfifl whamustbetiKdestinyafthisQQun- 
try—foptorapretal role in the whole of tiieSouihcm 
African economic region. 

I and are there pcfrdra Jtlllsd? 
rbete's no dents dm (he policy of stme- 

tions is be^nring to bsw aomc effect anthe qoan- 
mm and prices or some of our expons- USdkinvea- 

metn ha s developed la a much more byaerioaleo- 
vhnunennhanhas been, the cose on tbe Continent 
and die Far East, where there is a more pr agmat ic 
self interest Minifr fru iMumji the mam impact 

has been confined laigtiy id tbcAmcrkrasidea (Ik 
equa t i on , there’s no doubt that the package has had 
an advene ingMci oo domestic confidence 
Thil lack of ooufidenoe b again aadagam enrag- 
ing as the most i mport an t single factor inhibiting 

raHripyraaekfevedfoe i t CO gtitiraiaiwocfri 
andtnreyBnndde*ed a q yroto u Mt lM*g 

sanctions are woikii^, But 

Abrahmase: 1 finnly believe we can. if you examine 
the mrrahs and weakness of our communities, the 

weaknesses are selfcv idem —we'rea mix of the Fra 

and Third tttorids and we've » conducted our affiiis 
that we've aggravated the split between the two. 

Another problem is that we shall experience in- 
creased industrial relations proMems. which is pad 
of the process of growing up — pan of the process 
of evolving huo a more sapfasticred Fiist Wxm eccn- 
1 any This will eventually translate into the emergence 
of some sort of adult franchise, which implies that 
tire negative aweeu. of adkantradtisad labour force 
will Call away man the public relations situation. And 
that will materialise as we mac Kmardsa formula 
for a legitimate sharing of power. 

Mudt has been written about the inherent resources 
of it* country. They arc vast and highly significant. 
TTot there's the strategic situation of the country — 
not only at the apex onhe comment but also in rela- 
tion to Die countries dra surround it in Southern Afri- 
ca. So there’s tremendous potential. 

But tiered also ■ great deal of potential strength 
in our humu reso ur ces. Japan and Brazil have har- 
nessed a vast reservoir of unskilled labour — with 
mui mxess. Here we've got 25 million inhabitants, 
ux». They could be prmidiiig the onpenstfa domes- 
tic purchasing power the like of which you’ll see no- 
wtoedse an tha continent. I cannot stress to stiWJg- 
|y the degree of economic and vorial bwegration which 

W taken in only the post five lo six years. 

It goes witfjoul Bring that k requires polittalsaffis- 
nnnship » nealisc me pofentiaL Ffc’ve managed our 
business affairs rarnpaeoly. so there's no ratsoa why 
we should not manage our political b££ur cotqpe- 
mly asudL 

I do bcJ>eve that there is a comminncm fo reform 

a way of achieving this. Backs must be convinced that 
they will benefit by participating in it and that there's 
nothing 10 be gamed by destroying h. This is sees 
abroadas being one of our goals and this is why peo- 
ple will give os a hearing. The unhappy experience 
in the test of the continent pan ind ependence is evt- 
dence enough. 

Splra; Gives the stroug asri^oolh African bd- 
any progress tint? 

Ahnfaarase: It would be foolish to suggest that there 
is aqy satisfo-tinn whasnever with the wqy things hwe 
developed in the US. One muS . however, bear m mind 
the trennxbos vete-ofobing power of the Negro and 
Hispanic voters. The decretal profile in the US is 
changing and that, cf course, is the main background 
to ba year's sanctions vore m ihe US. Even those who 
were strongly against die imposition of limiied sanc- 
tions against South Africa supported the mare on the 
basis of their own political survival. 

Against thai background, it would be easy to say 
that the SA Foundation has not achieved anything m 
the US. That is m true. One has to takes loqger ram 
view oo these issues. Whaiwes enacted m foe US has 
been very much less severe than that which was be* 
ing demanded. And we played a part in that. 

The US has had its student revolts, its Vietnam, its 
dgnestic WMt i p Bg a n d biggie and. Iraerifl the South 
African issue, tt is not unlikely that other issues will 
come to the fore and that the South African question 
will abate in importance. Many US companies ihs 
have dradvetfed hive tried lo keep soiw sort of brak 
door open to enable diem lo rebun. Even in the US 

people vvifl get tired of the Souih African issue and 
a will reach a stage where it will pall. 

h bourjob to coreribule id the changes that will 
oke us off! ihe than pages. shall continue to do 

everything w* on n comer efforts to isolate South 




Financial Times Tuesday November !0 1987 


Receivers called 
into Scottish 
electronics plant 


SCOTLAND'S electronics in- 
dustry suffered a setback yes- 
terday when receivers were ap- 
pointed at Integrated Power 
Semi-Conductors, a US-run 

company which was financed 
with UK venture capital & 

The Bank of Scotland yester- 
day appointed two joint receiv- 
ers from Cork Golly, the firm of 
Chartered accountants, after in- 
stitutional investors led by 31 
decided to put no more money, 
into the company. 

Some IS investors had pot 
about £20m in tour tranches in- 
to IPS since it was set up m 
1984. . . . . 

However, the company, which, 
employs 190 people at Livings- 
ton, West Lothian, suffered 
heavily from the downt urn in 
the semi-conductor industry of 
the past two years and is under- 
stood to have been trading at 
levels well short of its budget 

Mr David Wood, sales and 
marketing director at IPS, said 
an attempt to pat together a £3m 
bridging loan was close to being 
concluded shortly before last 
month's Stock Exchange crash. 
However, the crash caused In-, 
vectors to change their minds. 

IPS was founded by a group of 

executives from US corpora- 
tions in Silicon Valley, Califor- 
nia, to manufacture semi-con- 
ductors that were said to break 
new ground by c ombining pow- 
er control and logic on the same 

Although the principal mar- 
ket was the US, Scotland was 
chosen as the manufacturing 
base in order to avoid the Euro- 
pean Community’s levy on 
semi-conductor imports for 

sales to EC countries. 

At the time, IPS was thought 
to be the biggest UK start-op to 
be financed by venture capital. 
It has so tor absorbed about 
fg fow, of which 3i put in £4.75m 
and the Scottish Development 

Agency £2m. 

More UK News 
on Page 14 

U is understood that the in- 
vestors had been trying tor 
some manthR to find an indus- 
trial corporation prepared to 
back IPS, but had had no suc- 

Tbe investors are believed to 
have felt that bridging finance 
could not be justified because it 
would not solve the company's 
mediam-tezm problems. 

Yesterday Mr Frank Blin, one 
of the two receivers, said: "We 
will be exploring every avenue 
tor sale as a going concern, 
while looking at the viability of 
ongoing trading in the short 

The SDA said, it would do 
what it could to examine alter- 
natives and preserve jobs. If We 

didn't undertake risks we’d nev- 
er get anywhere,* it said. 

Changes in 
sea law on 
ferry safety 
called for 

FlnancU Tinea Hsportar 

port Secretary, today called on 
the International Maritime Or* 
ganisotien to support British 
measures aimed at improving 
safety on passenger ships after 
the Zeebrugge disaster. 

In a speech to the IHO As- 
sembly at its Loudon head* 
quarters, Hr Chanuen urged 
member* to support specific 
ferry safety measures that 
Lord Brabazon, Minister for 
Shipping, wfll put to the As- 
sembly on Wednesday. 

"I am personally determined 
that the hum learned from 
this disaster must be used to 
set new safety standards tor 
passenger ships, particularly 
roll-on roll -off ferries*, Mr 

The UK is proposing that a 
meeting of the organisation's 
maritime safety committee, 
scheduled tor next April, 
should be ext ended hr twedsys 
to permit the adoption of new 

The Minister said that in ad- 
dition to changes in equip- 
ment, the Government was In- 
troducing regulations dealing 
with the operation and run- 
ning of a ship, including lay- 
ing down comprehend veiyfer 
the first time what a ship’s 
standing orders must cover, s 

*We shaft require hearting 
card system * to ensure- strict 
control of passenger numbers^ 
and ferry c a mj a me rtoaapotat. 
a designated person ashore to' 
deal with questions of opera- 
tional safety,” he sate. 

Iveco Ford relegated to second 
place in 10-month truck sales 

THE RIVALRY for UK track 
market leadership between 
Lepiand Daf and Iveco Ford has 
increased to a level greater 
than at any time since the two 
groups were formed. 

Iveco Ford’s claim In June, 
immediately after Leyland 
Truck’s merger with Da£ that it. 
would be the market leader in. 
2987 suffered a setback last 
month. • ■ 

Statistics from the Society of 
Kotor Manufacturers and Trad- 
ers show that Iveco Ford’s regis- 
trations of trucks over SJ> 
tonnes during October, at 845, 
were nearly 300 down on the 
U25 of Leyland Da£ 

The drop was sufficient to rel- 
egate iveco Ford to second 

place for the first 10 month# as a 
whole, although the gap was a 
mere 14 registrations. Leyland 

Oafs totalled 11,059 compared 
with 11,045 for Iveco Ford. 

However, Iveco Ford can 

claim a fester growth rate. Reg- 
istrations were up by 2487 per 
cent in the first 10 months com- 
pared with the same period a 
year ago. That compares with a 
45 per cent increase for Ley- 
land Dat The comparison can 
be made only by adding Oafs 
sales to those of Leyland Trucks 

as separate entities last year: 

Mercedes remained unchal- 
lenged for third place with 7J87 
units registered in the first 10 
months, an increase of 782 per 
cent, although its October regis- 
trations were down by nearly 14 
per cent to 872. 

The performance of Mercedes 
has been a key fector inthe fur- 
ther market penetration fay im- 

porters in the first lftsoBtorto 
4L96 per cent from 39, fl a year 

Total track registrations in 
the first io months reached 
49414, up 5.6 per canton a year 

Registrations of car-derived 
vans and micro-vans felLSUghtr 
ly last month to fMB£ (8815), 
bringing the 10-month total- to. 
88,659 (85,427V Those of median 
vans were almost 
00809), With iBC / foe 

General Motors and*Ixa- 

zu of Japan to take over Bed- 
ford’s van prodoctian r 'W«iing 
restructuring and associated 
supply shortages for a drop to 
October registrations to 350, 
compared with 908 to the w ip e 
month a year agOL 

Gas blast was ‘unique disaster 9 

THE DESIGNERS, builders and 
owners of Abbeystead pumping 
station in Lancashire denied in 
the Court of Appeal yesterday 
that they were to, bl a me for the 
explosion at the station in May 
1984, In which 16 people died 
and 28 toners were seriously in- 

The methane gas explosion 
that wrecked the station's valve 
house was a “unique disaster* 
which took the water industry 
and consulting engineers com- 
pletely by surprise, said Mr 
David Gardam, QC, tor Binnie 
and Partners, the civil engi- 
neers that designed the station. 

Binnie and Partners, the 
North West Water Authority 

and NottaH, buOders 

of the £68m water distribution 
scheme, are all appealing 
■ ptiMt Mr Justice Rose's deci- 
sion at Lancaster High Court in 
March that they were to blame 
torrt»e disaster 1 

-The judge held that Binnie 
and Partners were primarily re- 
sponsible and nmst accept 55 
per cent of the blame. While the 
water a u t hori t y waa 30 per cent 
responsible and Edmund Nat- 
tall bore 15 per cent of responsi- 

Hie injured and dead were 
among a party of villagers In- 
vited to visit Abbeystead 

If the appeal succeeds, the 31 
survivors and relatives of the 

victims, who have already been 
awarded' £3£00 interim dam. 
ages, will be ba rred from dim- 
ing damages, expected to ex- 
ceed £3m, unless Tiwyuym. f r j* 
established fay at least one of 
the three appellant*/ • ; 

Mr Justice Ro seh rtdt hatfcil - 
ure at the design Bid construc- 
tion stage, negligence in appre- 
ciating the methanedanger and 
a decision not to change the 
valve house design were the 
main causes of the explosion. 

Yesterday, Mr Gardam told 
the appeal judges: “Hub evi- 
dence is sufficient to show that 

Binnie and Partners me not lia- 

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Growth in home 
phone sales ‘fron 
extra extensions 5 


UP .TO. it quarter of homes to 
some regions do hot have a 
telephone- As a result, growth 
in home telephone sales may 
come from existing-subscrib- 
enr acquiring an extra line or 
more extensions, according to 
8 report by Mints!;, toe re- 

to below 1m by the end of 
decade as many busi- 

nesses com plet e the modern!- 


Tba report, based on-a ear- 
vey of V550 people fay British 
Market Research Bureau, 
found that only 14 per c ent o f 
homes nationwide were with- 
ont x phone, but that figure 
rose to a quarter in Scotland 
and Wales. In. the south-east, 
tor contrast, ft was only 7 per 

Mlntel argues .that more do* 
mestic phone sales could 
come from pers u ad ing people. : 
working at home to take a sec- 
ond line. The report says the - 
West German Bundespost has 
been successful in doing that 

The survey disclosed con- 
siderable interest among do- . 
mestic customers in the new 
right to cany out the ' 
do-it-yourself installation of 
extension phones. 

• The report aigoes that tele-v 
phone purchases hy - buri-,./ 
nesses will foil from lam last. 


Mintel expects the recent 
trend of steeply foiling prices 
for telephones to continue, 
with particularly marked 
price decreases for more so- 
phisticated products such as 
cordless and hands-free 

It predicts that sales of tele- 
phone answering m a chine s 
will more than doubl e fr om 
350,000 in 1987 to 750,000 in 
1991 as average prices for toe 

machines tumble. 

The report, which also cov>- 
. ers private exchanges, mobile 
communications and tele- 
phone services, suggests that 
some el* 1 ™* about the impact 

of telecommunications liber- 
alisation have been exagger- 
ated. it argues, for instance, 
that the UK manufacturing in- 
dustry's grip on the private 
exchange market has not 
been seriously weakened by 
greater competition. 

TieiscofRmuTiscurioris. Mintel, 
Kae Bouse, 7 Arundel Street, 
London WC2R SDR, £1,200. 

North Sea drilling work 
‘may return to 1985 level’ 


NORTH SEA drilling activity 
may return to the peak levels of - 
1985 neat year, says a study of 
the oil industry’s planning in- 
tentions fay Petrodata, the Aber- 
deen-based oil industry ana- 

This is the second report in a 
week to break with the gloomy 
outlook of most industry fine- 

According to Petrodata, North 
Sea rig demand next year will 
be at least 40 per cent higher 
than this year and rising de- 
mand for both aemkeabmere- 
ibie and ‘jack-upr rigs will 
stretch available supply in the 
spring and summer season. 

Assuming there Is no big shift 
in the economics of exploration 
and production, the report ex- 

pects drilling activity to ap- 
proach the peak levels of 1985. 

In the UK sector, deep-water 
mobile drifting rig activity 
should rise by up to 60 per cent 
compared with the average an- 
ticipated this year. 

Overall growth for the North 
Sea would be slowed fay only 
wnnii increases in Norway and 
Denmark but fester recovery is 
expected in the Netherlands. - 

Wood Mackenzie, the Edin- 
burgh-based stockbroker, in its 
annual survey, said last week 
that drilling activity should re- 
turn to peak levels by 1992, but 
that in spite of the improvement 
in activity, the Industry was 
likely to be affected by excess 
capacity into tbe 1990s. 

Laura Ashley Welsh plan 


LAURA ASHLEY is expanding 
Ms mail-order business in New- 
town, mid-Wales, in the next 
two years and will move into a 
factory six times as Large as its 
present premises. 

The international textiles-to- 
garments business will add 80 
people to its workforce. 

More than 100 additional jobs 
will be created fay three other 
expansions in mid-Wales, an- 
nounced in Cardiff yesterday by 
Hr Leslie Morgan, chairman of 
MidrWales Development, the 
quango ebarged with regenerat- 
ing the area. 

Mid-Wales Yarns is to spend 
£lm on boosting carpet-yarn 
output at 

factory to Bala to expand pro- 
duction of Vlctorian-style linge- 
rie; and Locwyn, which manu- 
factures specialised storage 
and retrieval systems, is moving 
from Havant, near Portsmouth, 
to Newtown. 

Mr Morgan said the corpora- 
tion had helped to create more 
than 1,000 jobs in foe first half 
of this year, "particularly grati- 
fying because we were set up in 
1977 to help stem rural depopu- 
lation. You cannot do this with- 
out creating jobs for people In 
this very rural part of Wales." 

He reported that mid-Wales 
was now totting 7,250 sq ft of foe- 
i a week, more than a 
i a year ago. 

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Financial Times Tuesday November 10 HW?- 


King looks to final assault on terrorism 


SO WIDESPREAD has been the 
horror and revulsion caused by 
the massacre at the Enniskillen 
war memorial on Sunday that it 
will be "hugely counter-produc- 
tive 1 ' and may create the plat- 
form from which a final assault 
can be made against the evil of 
terrorism. Hr Tom King, the 
Northern Ireland Secretary, 
told the Commons yesterday. 

While there was universal 
condemnation of what he de- 
scribed as an "appalling out- 
rage' and repeated pleas that 
there should be no retaliatory 
action, many Ulster Unionist 
MPs insisted that expressions of 
Sympathy were not enough and 
pressed for tougher security 

Mr Janies Kilfedder (UUP, 
North Down) c allied for "total, 
all-oat war against the Provi- 
sional IRA", starting with a 
proclamation of martial law, a 
return to internment without 
trial, and the introduction of 
identity cards linked to a single 
computer able to register the 
address of all citizens. 

Mr King promised to consider 
all the views expressed, but 
stressed that leaders of the Roy- 
al Ulster Constabulary were 
still opposed to the re introduc- 
tion of capital punishment for 
terrorist oiTences and rejected 
criticism of the Anglo-Irish 

Ken Maginnis: 'total letdown for 
my suffering people* 

James Kilfedder; urged aii-om 
war against IRA 

Tom King: condemned an ‘ap- 
palling outrage' 

cessions would be rained. 

Mr Roy Beggs (UUP, Antrim 
East) warned that the House 
could not go on ignoring the 
views of Ulster MPs when their 
constituents were being butch- 
ered and murdered. It is geno- 
cide - it’s war," he said. 

The Rev Robert McCrea CD UP, 
Mid Ulster) attacked Labour 
MPs who welcomed members of 
S inn Fein with "open arms” and 
said it was hypocritical of them 
to express sympathy with the 
people of Ulster. 

-SS** 1 


He emphasised that if anyone 
was suggesting that the efforts 
of the security forces in combat- 
ing terrorism would be pro- 
moted by acting alone and not 
in co-operation with the author- 
ities in the Irish Republic "I 
could not possibly disagree 

Hr Kevin McNamara, a La- 
bour spokesman on Northern 
Ireland, said the reaction to the 
horrific massacre at Enniskil- 
len should be one of "cold foxy” 
and a determination to support 
the forces of law and order in 
their efforts to bring those re- 
sponsible to justice. 

He said the outrage "gave the 
lie” to any suggestion that it was 

possible in a democracy to flirt 
with those who supported the 
policy of the bullet and the bal- 
lot box. 

The Rev Kan Paisley, leader of 
the Democratic Unionists, who 
made an unsuccessful attempt 
to secure an emergency debate, 
said the people of Northern Ire- 
land did not want sympathy or 
condemnation of violence. 

He said: "They want action to 
put this violence down, so they 
might live in peace and get on 
with the ordinary aspects of ev- 
eryday life." 

Mr Ken Maginnis (UUP, Fer- 
managh and South Tyrone), who 
said the 11 deaths at Enniskil- 
len brought the total death roll 
from terrorist attacks in his con- 

stituency to 194, accused Mr 
-King of reciting platitudes 
which were "a total letdown for 
my suffering people". 

Renewing the attack on the 
Anglo-Irish agreement, he pro- 
tested: "All we have been of- 
fered is a further abdication of 
responsibility by the Northern 
Ireland Office and by this Gov- 
ernment to the Government of a 
foreign state." 

He claimed that people living 
close to the border realised that 
any co-operation received from 
the Irish Republic was a "bonus” 
and was not the basis for proper 
security which rested with the 
British Government. 

Mr James Motyneanx, leader 
of the Ulster Unionists, also 

Parkinson accused of misleading MPs 



Energy Secretary, was last night 
accused by Mr John Prescott, 
his Labour shadow, of seriously 
misleading MPs over the rea- 
sons for the electricity price in- 

Mr Prescott, Labour's energy 
spokesman, based his charge on 
a letter sent by Mr Parkinson to 
Tory backbenchers and intend- 
ed to counter-attack criticism 
by both industry and the Oppo- 
sition of the 8 per cent-9 per 
cent price increase from next 

Mr Parkinson justified the 

rise in terms of the industry's 
investment plans and the previ- 
ous decline in electricity prices 
in real terms in recent years, as 
well as referring to the special 

help for people on low incomes. 

The figures used by Mr Par- 
kinson were, according to Mr 
Prescott, either Inaccurate, con- 
tradicted previous figures by 
him or were simply misleading. 

Mr Prescott said the Govern- 
ment had blamed the industry’s 
investment programme for the 
price increase, though it had 
put aside £ibn in the current fi- 
nancial year for depreciation 

which was supposed to fond re- 
placement of assets. 

He said three different fig-' 
ures had been given for the in- 
vestment programme- £40bn (in 
the Commons a week ago), 
£45bn (in the letter to Tory MPs) 
and £23bn (in a meeting be- 
tween the Central Electricity 
Generating Board and the Elec- 
tricity Consumers’ Council). 

Mr Prescott said the rises 
were "a fattening-up exercise 
before privatisation' and would 
"cause hardship for millions 
and will cost milli ngs to indus- 



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law reform 

maintained that the time for the 
platitudes voiced over the last 
18 years had now expired and 
urged the implementation of 
decisions which , would deprive 
the terrorists of' the hope ‘and 
expectation of achieving their 
objectives- . 

The Anglo-Irish agreement 
had given them such hope and 
its "disastrous and fetal mes- 
sage" should now be reversed. 

Mr Peter Robhuen (DUP, Bel- 
fast East) spoke of the widely- 
held view in Northern Ireland 
that the Government had re- 
frained from tougher security 
meas ures because it feared that 
Che result might be to drive the 
nationalists forth er towards the 

After the Enniskillen massa- 
cre, he said, the Government 
should recognise that the IRA 
believed that the more they re- 
sorted to violence the more con- 


in protest 

Liberalising hopes 
for public houses 
turn into a brawl 


Mr John Hume, leader of the 
SDLP, deplored the "Sheer sava- 
gery” seen at Enniskillen and 
called for all those in Northern 
Ireland to recognise how much 
they needed each other. 

"We will only discover how 
much we need each other when 
we sit down together to talk," he 

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OPPONENTS OP the bill to re- 
form licensing hours in England 
and Wales protested angrily 
. feat night that the Government 
was r elaxing drinking - boon 
without tatting action against al- 
cohol abuse, especially by driv- 
ers and young people. 

In an angry speeds. Sir Brew 
uard Bxalne (C, Castle Point), a 
former chairman of the Nation-: 
a! Council on Alcoholism, said 
he would rebel against the Li- 
censing Bill on its second read- 
ing last night unless the Govern- 
ment pledged strong action on 
under-age drinking.' 

Mr Roy Hattersley. the shadow 
Home Secretary, also attacked 
the lack of compensating mea- 
sures against alcohol abuse, 
and urged MPs to vote against 

tile bilL Mr Hattersley stressed 
he was expressing a personal 
view, since Labour MPs had a 
free vote on the bill, whereas 
Government whips were de- 
manding Conservative support 
because the measure was part 
of the party election malfesto. 

However, Mr Douglas Hud, 
the Home Secretary, said the 
current law - obliging pubs to 
close between 3pm and 5.30pm - 
was a historical -anomaly. The 
bill, which would end compul- 
sory afternoon closing except 
on Sundays, was "common 
sense" apd would generate "sig- 
nificant additional employ- 
ment" - the British Tourist Au- 
thority had estimated 50,000 
extra part-time jobs. 

Challenged by Hr Charles 
Morrison (C, Devizes) on why he 
did not include Sunday opening 
in the bill, he referred to nis de- 
feat last year on the Sunday 
Trading Bill and said: T want to 
get this bill through. It would be 
a m i s take to overload the mea- 

1 DON’T know when the Home 
Secretary was last in an inner 
city public house,” intoned Roy 
Hattersley, Labour's front 
bench home affairs spokesman, 
as he fixed Douglas Hurd with a 
belligerent eye during yester- 
day’s .debate on the Licensing 

Mr Hattersley who wanted to 
know if he was offering an op- 
portunity for such an amend- 
ment at a later stage. 

When this brought a non-com- 
mittal reply fro in the Home Sec- 

retary, that formidable Tory la- 
dy, Bus Elaine Kellett-Bowman 
jumped up. In menacing tone 
she demanded an assurance 
that if such a- misconceived 
amendment was put forward he 
would have no part of it. 

Wisely the Home Secretary 
thanked her for patting the 

"counter-balancing argument" 
and beat a hasty re treat 

From the Labour front bench, 
Mr Hattersley boasted that, un- 
like the Tories, the Labour MPs 
were being allowed a free vote 
on the second reading of the 
bilL This left him in the unusual 
position of not having to accept 
a party line laid down from La- 
bour headquarters at Walworth 

Despite the non-party nature 
of the debate, Roy had to have a 
dig at the Tories. He had been 
swatting up his history and 
quoted Gladstone as saying that 
the subject of licensing was not 
a fit subject for conversation 
between gentlemen. 

That, he said, would allow 
him to continue in the debate 
but might disqualify Mr Hurd. 
He also recalled that Gladstone 

• _ 

Quite so. Hie urbane Mr Hurd 
is the type who would be more 
at ease sipping a dry sherry in 
the senior common room than 
gtniriny a pint in the Bricklay- 
er's Arms. . 

' Neverthless a few hours spent 
in ane of the tougher public 
.bars would have been good' 
training for the rough and tum- 
ble of the debate on the bill 
which will liberalise licensing 
laws by removing the restric- 
tion on weekday afternoon 
opening. . 

Any Commons measure to do 
with booze always brings forth 
enraged MPs who are support- 
ers of the temperance move- 
ment They pop up in all politi- 
cal parties and are most 

intemperate in their arguments. 

So it was not surprising that 
the debate seemed to follow the 
pattern of the typical bar room 
brawl- First there was an angry 
mattering from the back 
benches and then the first ver- 
bal punches were t hr o w n. As 
antagonists from both sides of 
the argument assailed Messrs 
Hurd and Hattersley from all 
quarters it was difficult to know 
who was fighting whom. 

However, he did not rebut Mr 
Hattersley 1 * contention that the 
bill was capable of being 
amended in committee, in such 
a way as to include Sundays. 

. lfr Hattersley argued that the 
passage of the bill would render 
inevitable the extension of aft 
temoon opening to Sundays. 

He supported the principle of 
more flexible licensing laws, 
but opposed the bill because it 
provided extra opportunities 
for Individuals to drink without 
including safeguards for society 
as a whole. 

In particular, he urged tighter 
curbs on television advertising 
of alcohol, which he said too of- 
ten linked drink with social and 
economic success. He called for 
measures to reduce alcohoi-re- 
lated_-crime and drink driving, 
and to guard »p<b«> underage' 

ri Hi titring 

Mr Hattersley and other crit- 
ics attacked ministers for bring- 
ing the bill forward when a com- 
mittee established by the 
Government two months ago to 
study alcohol abuse had not de- 
livered its first report He said 
any legislation should embrace 
both licensing hours and mea- 
sures to combat drink abuse. 

Sir Bernard joined Mr Hatter- 
sley in arguing that the Scottish 
evidence was contradictory and 
in accusing ministers of bowing 
to pressure from the brewing in- 
dustry. He argued that the re- 
form of opening hours in 1961' 
had led to an "appalling state of 
affairs." Consumption had dou- 
bled and drink was linked to a 
variety of social evils. 

In any case, the promise to 
liberalise pub opening hours 
was in the Conservative mani- 
festo and Mr Hurd was lum- 
bered with the job of getting it 
through the Commons. To per- 
suade his own reluctant back- 
benchers he kept insisting that 
it would abolish the "forbidden 
afternoon" when thirsty and un- 
comprehending foreign tourists 
go hunting for a drink only to 
find the doors closed. . 

It was. he wheedled, only a 
"relatively modest measure." 

At this the austere Donald 
Anderson, a Methodist preach- 
er, rose on the Labour benches 
to demand whether alcohol con- 
sumption would decrease or in- 
crease as a result of this "mod- 
est measure". 

Some Tories wanted to know 
why the liberalisation could no- 
tapply to Sunday as well and, in 
an attempt to placate them, Mr 
Hurd pointed out they could al- 
ways move an amendment to 
that effect during the commit- 
tee stage of the bilL He was im- 
mediately challenged on this by 

bad referred to the Tory Party 
being washed to power on a sea 
of gin and beer. 

Naturally Roy classed himself 
as being in the group known as 
"responsible drinkers". But be 
could not resist a swipe at the 
bourgeoisie by declaring that in 
Britain "alcohol is the accept- 
able addiction of the middle 

Tory MP Eric Forth indig- 
nantly pointed out that there 
were six million members of 
working men’s clubs who en- 
joyed the consumption of con- 
siderable quantities of alcohol 
on their premises. 

But perhaps Roy had been un- 
wise to indulge in Marxist anal- 
ysts. After all, even crochety old 
Karl was keen on a jar or two 
during his long exile in London. 

John Hunt 

BBC gives undertaking 

to Labour on coverage 


THE BBC gave an undertaking 
•yesterday that in future the La- 

bour Party could have any ex- 
amples of what it saw as unfair 
treatment of the party’s affairs 
promptly examined. 

The undertaking was given 
yesterday at a meeting between 
Mr John Birt, the BBC deputy 
director general, and Mr Neil 
Kinnock, the Labour Party lead- 
er, according to Labour Party 

■ The meeting was called to dis- 

cuss Labour Party complaints 
that since the general election, 
coverage has been unlhlr to the 
Labour Party. 

The meeting between Mr 
Kinnock and Mr Birt, came after 
Labour went public last month 
over complaints that the BBC 
had been sycophantic in its cov- 
erage of Mrs Thatcher,, the 
Prime Minister, at the Common- 
wealth summit in Vancover and 
uncritical in its reporting of the 
Conservative Party conference. 

There were also complaints of 
insufficient balancing com- 
ments from opposition spokes- 
men in post-election news cov- 

^B^Blrt, who is also head of 
the BBC’s recently created 
news and- current affairs direc- 
torate, denied absolutely that 
there was any institutional bias 
in the BBC's coverage of the La- 
bour Party. 

In foture the party can raise 
contested Issues directly with 

Extended hours 

win support 

Most pub-goers in England and 
Wales welcome the proposed 
relaxation of licensing hours, 
ac c o r d ing to a survey published 
yes ter day. 

A poll by Public Attitude Sur- 
veys showed 64 per cent of 
adults who visit a pub or .club 
for a drink at least oncea week, 
favoured afternoon opening and 
55 per cent wanted Sunday- af- 

ternoon opening. 

Those who did not visit a pub 
regularly were also in favour of 
extended op ening hours with 
51 per cent supporting after- 
noon opening for at least some 
days of the week and 45 per 
cent in favour of Sunday open- 

John Birt: denied BBC bias 
against Labour 

Mr Birt One of the deputy di- 
rector general’s main tasks at 
the BBC is to improve the stan- 
dards of BBC journalism, partly 
through the creation of the uni- 
fied news and current affairs di- 
rectorate and the creation of 
specialised reporting teams in 
areas such as politics and eco- 

Neither the BBC nor the La- 
bour Party would comment yes- 
terday on what was a private 
meeting except to say there 
had been a frank and construc- 
tive exchange of views. 

P&O scuppers plans for party 

P40 HARBOURS Ltd has cancelled a party It 
was to have given tonight to coincide with 'the 
final Commons stage of a private bill after 
c l a im s that parliamentary privilege could have 
been threatened. 

The company was accused at the w eekend of 

Following allegations that a "champagne 

The company waa accused at the w eekend of 
preparing a lavish champagne reception for 
MPs at a hotel near the House. Yesterday P&O 


MPs at a hotel near the House. Yesterday P&O 
Harbours said: ”Sponsoring MPs for the Felixst- 
owe Deck and Railway Private Bill have sug- 
gested arrangements for Tuesday evening 
should be cancelled, and this advice has been 

If the bill is finally enacted it will lead to a 
225-acre expansion of Felixstowe harbour, 

which DAO Harbours own*. 

Sir Eldon Griffiths, Con se rv ativ e MP for Bury 
.St Edmunds and a leading supporter of the mea- 
sure said yesterday: "The importance of uphold- 
ing the Integrity of the House and Its members 
lq the light of these criticisms has led as to 
invite PAO to call off Its offer." 

He said that If the bill was defeated 2,860 new 
Mis and £lMm of private investment at Felixst- 
owe would be lost. 

Marketing cost of BP 


THE TOTAL UK marketing cost 
to the Government of the recent 
sale of British Petroleum 
shares is estimated at about 
£39m, according to official fig- 
ures released last night 
A series of parliamentary 
written answers from Nr Nor- 
man Lamont, the Financial Sec- 
retary to the Treasury, reveals 
details of the cost of marketing 
and advertising the flotation 
which turned out to attract little 
public support because of the 

fell in the stock market ' 

Within toe overall marketing 

budget the total cost to tire Gov- 
ernment of advertising the BP 
share offer is es t i m ated at 
about £l&25m (excluding val- 
ue-added tax). 



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(EST. 1903) 



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financial Times Tuesday November 10 1987 

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sharing arrangement for 

this and future contract 
Hepfies to Box No. 248. 
Roynmfl a Son Ltd, 

144a High Streep Eppfog, . 
Essex. Cftff 6 44G 




A i tihmrrw " i qmr fr Hn ewiA 
MMdhaax HA6 3&Q 
TdpttTQ 22144 and 2M4C 



required in profitable concern' 
by practical businessman 

Tel 01-267-8489 . 



mdcing cbxa SSOJIOO profit wanted 
In South Eut by wMestabfished 
company already wOng thus* 
aaretein and products profitable 
uptoEOJma win a t Ha. 

Tab 01-487 6489 

Brenton Meats (Liverpool) 
Limited > ^ 

The Joint Administrative Receivers offerfor sale the business 
and assets of a well-known Uverppolbased manufacturer 
and distributor of quality meat products and groceries. 

\ • The company occupies a modem well-equipped 

s , freehold factory of 130OOsq. ft 
s • The company distributes throughout the Northwest, i 
& North East, Mid lands and Wales by way of a fleet of 14 I 
H vehicles j 

^ • Turnover is approximately £23 million per S 

^ - • The company currently employs 53 people. 

further details please contact either 
JL Watts or S. J. Akers 

^Touche Ross 

Reliance House, 20 Mfater Street, Liverpool L2 8UY. 

Tel: 051-2360941. Tlx: 628546 TOUCHE & Fax Na 051-2362877. 


For Sale 

Leading Supplier of 
Radio C ommimf c at ion Equipment 

• Operates nationally 
• Industrial & civil engineering 
bine chip CTs to™™ 

• Considerable design & 
consultancy expertise 
• Profitable 

For Amber details please wme or telephone 

Corporate AcmaMnnsS Dapcsab Service 
Cbopectfir Lybund ftmiraa Cbmt 
London EXMA4HT 
Telephone 01-822 «03 Telex 887420 

A.C’Q.U’ I ‘S' I ’t‘ 1 O N S S 

d i s po's'aVs' 

S E R vVc'e’ ' ’ ' : * 

Dealing Room and Computer 


aalcpiApCD Wifcdw . 
conpongr kwolvod wRh catte IraMm 
and aAinfl of variou* Haaftig idoot 
aqnj U i — t h tha C«y and a uw a iwdag mm. 

aaafa addkhnal mnirartt WWW flew 
F773B, Financial That. lOCawooSaaL 
London EC4P4BV 

Sraat, London. BHP4BY. 


163 bedrooms. Restaurant. Bar 

1987 turnover in region of £1, 420,000 
Leasehold (21 years expired) 

86 bedrooms. Restaurant. Bar ' ' • 
1987 turnover in region of £867,000 
Strictly no viewing without appointment 
principals or retained agents only apply foe 
tender particulars to 

Reference :J.G. Chester Factors Ltd,. 

Chancel Haase, Neasden Lome, London, NW10 2XE 

Business Services 


Public Compapy wishes to. acquire- property 
companies with substantial' property 
investment tax losses preferably (not 
essentially) in Midlands or Southern England. 
Also required large industrial buildings suitable 
for refurbishment/redevelopment. 

Pfease reply In strict confidence fcvBox H2801, 
Financial Timas, 10 Cannon Street, London, EC4P 4BY 


tJJC menafecturer of specialized electronic products (expected turnover 
£750,000 po. and trowing) with euxDeot gross maratm «efa av 
a ssoc ia tion with a compatible company. Prodncts are sold principally n 
peripherals in c omput er systems with particular strength m the 
communications industry. 

A relationship with a proven co m p an y would be motnaDy atvaittgend, 


We have just sold a successful National Trading Company and have 
funds and Management expertise immediately available. 

IF: You own a successful business. 

Its ready for a new stage of growth. 

Yoor present resources are stretched 
OR: You need Help to Increase your Market " 

You need Additional Financial Manag e me n t 
Call: Micbeal Field 01 882 8274 or 
. . Write Bo* H2784, Financial Times. 

10 Cbanoo Street, London EC4P4BY. 


ttaniring Group seeks small and medium ticket 
plant & equipment portfolios of any size. 

Write Box ¥7957, 

Fmtutdol Times, 10 Canaan Street, 

London, EC4P4BY. 



with £0.25m-£0.75m turnover. 
Must relocate to our easing site 
in the TOst Midlands . . 


Financial Tims 
10 Goman Sheet 
London EC4P4BY 



1 havMOMC commercial nd techwal 
b c»inc»eTprrV M 'T'»a d op to £12SKtO 

■ InthMifai W— i 

mridng ciroa £50.000 profit 1 
wanted ki Soulh East bywel 
ttt&bfobod company already 
products profitably up to 
£05m avaftabte. 

Tel: 01-267 8468 

Business Services 

Joinery Manufacturer 

South London 

Wfefl established and highly profitable business for sale. 
Owner wishes to reflrg,. , s - ... 

Features of the bushesS include: . 

• Turnover approx. £750000 pa. 

• Rrofft before tax approx. £150 ,0 00 pA. . 

• Freehold factory 

• Good quality plant, machinery and motor 
. vehicles 

• Customer list includes national house builders 

Principals only. 

Box Na H2755. 

FhtanddTVne^ 10 Cannon Street, London EC4P48Y 



Mid-Glamorgan, Wales- - 
Sale includes Freehold, Goodwill, Plant, Stock etc. 
Turnover last financial year circa £2. 5m. 

Details in writing from Poppleton & Appleby, 

■: 4 Charterhouse Sqnare, London EC1M 6EN 


Development company for sale owning 
‘ -15 plots in best part of Sf James 
overlooking Caribbean 

Daiafe from Bice Group, The Ofd SchootraaM/Bridga Road, 
Hunton Bridge, tOngsLangtey, Hwls. Tal (09277) 60188 



DandBobtif AC\‘ 

OSfet* imiied Stt 2 phffo WfwbignddndapbEi^BkBaa routed with tbe Inat 
dw d ap iM tad flrimiflB ma rtinet . One riw ed la titm Otfad SDea WQI. TBc otter in 


^Lowtai ES ONP. T«fc 01-MS IS79. 


Sell Companies 


CbnbKthicon8ckrKe; ■ 


4Bank Street, 

- Worcester WR12EW. 

Tdt 090522303 




The Company, which is an appointed “XFA" Air Cargo 
Agency would provide an excellent addition to any 
established or developing air- cargo/shipping and 
-forwarding or transportaticar company. 

It would be a beneficial acquisition to a manufacturing 
company or group who export and who would, in 
addition to the earning potential, benefit from the 
expertise and purchasing power of this medium sized 
and profitable company. 

A figure in excess of £500,000.00 would be expected for 
this Company which has shown good growth and 

Genuine enquiries from p r i n c ip als only ftw-Box H2805, 
Financial Times, 10 Cannon Street, London, EC4P 4BY 



Chesham are the leading meiger 
brokers in Britain andijaye confidential 
briefs from several hundred public 
u : ■■ company chairmen, who are tooking to 
buy successful, private companies worth 
£500,000 to £25m. 

If you're thinking of selling your 
business, contact our Managing Director 
to arrange a confidential discussion 



The first name in merger broking. 

Andfey House, 9 NmtbAuihv Street. London, W1Y IWF. 
Telephone: 01-629 5917. 


Midlands based manufacturer of own brand building and 
safety products by rotational moulding and metal fabrication 
processes. Modem plant and equipment with good freehold 
factory and offices. Tunover 21 M - profits circa 2100,000. 
Considerable potential for larger organisation. Reason for 
sale - directors wish to concentrate on their other b usiness 

Repins to Box H2826, Rnandal Times, 

10 Cannon Street, London, EC4P 4BY 


Timber o»rcfasoiz/numz£Ktvrea 
operating from taige, modem 
leasehold warehouse premises, N. 

Birmigham. T/O approx 
£300,000 per annum. Profitable, 
wdJ equipped and serving wide 
range of es t ablished cu stomers. 
This business has everything for 
the person who wishes to become 
their own boss. Sale price 
£65,000 one. 

AmO Bate HZ7M AwW Ttmmx. 
iScSmmSOnt, TnOm, £00407 

If St JohnXmiuhan j 


O* cj EHtborDi U*TM VUmnh 
idO enr 20 arm (o pti pradurtim 
Modern Wtncl). Shop. Miacnni. Tasting 
Roots*. Manager s Rol Onto, etc. - 
On ihc cdfc of Ur Adidmn Fokm with 
breuMahne view and a (cud of 61 acres. 

Euatttg coranocial vcfltiae. 

Offers in tbe regfro at £600.00 6 , hl^j 

aptoped b a gsfeg sooctni 

f^^H^LracLWlUd. hMB c 

Teh I0S2SI 41il 


U< AwoWcwearCo lor safe, 
Operates horn branch h USA. 25S 
open accooms. Roistered thfough- 

axilw SWbs h Intematfonal Class 
28. Room far extension. 
TataptaMcCnaw Jonm. Qiesr asm. or 

10 Omam Stmt. London EC4P4BY 

For Sale 

Roofing Company weB 
established end profitable. 
Locations throughout U.K. 
Gerndra reason for sale 

Witfe Ban mm, W airli l tnm, 
10 Cmm Strew, undo*, acw 4BV 


Under capitalised metal 

_ in zme 
plating, rack and barrel, 
offer 100% ownership for 
a capital injection to 
complete additional plant 

Kiera £ Co, 29 Tbe Croat 
Worcester. WR1 3PZ 
Teh 6965 28635 Rtf BAC 


’ Combustion Engineering 
Company Manufacturing 
fomces, kilnfi, owns and dryert 
T/O up to £2m pa. 

EavdriatoBa zB7M4, 

Fiaaadel Hpe>, 

M Cameo Soeet. 



SpetUiy fbod stoufteuBer and 
— r^faa y hfltt m SX. 
wittonpliMisia HceWiy roodMarta. 
formic, m WCri. a rmhvteooi. 

if required 
Write Bn B28I2, 


LM ri H| EC4P4BY 


Supply Compan y. Turnover 2 t n5- Ooo d 
ProSte.pgCWrt thttnegto fWaence 
Dmeior. win reprcKai moor 

not m KC. Scotland. 

dftnfaUi fe oriar catfdmw 

Wato mm Hwghaa. 

M Own SM loom. EC4P4BV 






Beoml over SSfeWfe Bvtjr Beriew 





Freehold for sale 

Property House 
-Lister Lane 
Halifax HX1 5AS 
Tel: (0422) 64311 
Fax: (0422) 60930 
Telex: 517485 



Bcrnu. trtODJBi. i snirmir 



Appro* S'acnsoo bo«y main 
road.Toniover£2SOKpA . . 
\ Redenfly wflu fcU h cd shop wkh ' 
targe ear pule. Glasshouse, tunnels 
and fauge plant display area. Mosi 
ptanu produced ea site ' 
Write Box H2792, 

. Ffawocfad Times, 

10 Cannon Street, 

London. EC4P4BY 


EstaMished, successful 
distributor of cotoptner 

Principals only apply uk 
B ox H2788, Financial Times, 
lOCannon Street, . - 
London EC4P 4BY 

Plant Wra Company 

Ex p en tfinfl ofoankation baaod (n tha 
South East and Meaty situated for 
Bn Chanrni Tunnel. Annual tumowar 
Bfnea. SUM whh profit s of £200,000. 
Substantial long leasehold the and 
aatabtshod customer baao. 

Write Box H2780, RnancWThnaa. 10 
Cannon Street. London EC4P*flV 


Wine Merchants Group. Saks 
8 million profitable. N umero u s 
freehold outlets. Genuine reason for 


Write Box H2798. 

Financ i al Times, 10 Rannnn Sunn, 
London EC4P4BY. 



Prime position, turnover 
exceeds £200,000. 
Owner retiring 

ffcpiy b Box HSSSS, FtasncM Three, 
10 Cannoa Sueot, London, EC4P 4BY 

Profitable High FasMoq 
Cestame Jewellery And Hair 
Accessory Easiness 

outdttat profits, T/O ul,000 1 
Nor 12 year lease, £5.7» per mm 
rams dnaffijj— rrafiaiw 
C— M l Wui f Se*^ 
SMmb 0733)451X1 1 


80000 aq n. Lat as 8 separate wits totd 
ana lit 00^)00 aq ft epprax. RmW 
ttcoma at present 02K. 200 yds 
m otorway l yatare. But 
■■npariy company 
Wia Bn H2«B, HnaaoM Unee, 

A successful service company 
with a turnover Of £200,000 and 
G.P In excess Of £100.000. 

Excenam reputation with 
considerable growth potential. 
aMm as* rarer. nmKtonam. 

10 Canaan Street London, CMP 48Y 

MJOBiCt FOR SALE T/O *330*. pro* ZZtiK. 
Based London/E saex im. WoridwHa 
eewn p gt a mt sL Ret 6.000 Bax H2TB3. Fi- 
nancial Timet, to Cannon 5 rat. London 

Business Services 




Comteui SQadaa, sdh gooallMeU 
soucas seeks eonparim n hah darefcp 
ktoprab (TJO EV2m to EtOo. MW and 
Correa Mchfed Francai 

TML 0782 644815 

Award taming creative talwrt 
and top Producet/Director are 
now avalabte drect Your pro- 
duction handted from creative to 
completion without hassle or 

Contact: Symon BlomHeld 
on 01-743 1474 

Wide range of 
business services 
. available, ' 

- inducting confidential . 

■ dofli'eistfc and international 

" courier. 

Tel 0245 361164 



Hjnortt House 2S-35CoMlandnnBClYlM 
/BteriOT? 01 -5SS3271 «sr S8UT3 


I'il find you Office Space, Attorneys, 
Accountants, Banks, Staffing and Housing 
Contact: Andree Donaer Associates 
60 Sutton place, South New York, 
New York 10022 



Award winning creative talent and 
tap Praducar/Dtraaor are now 
evaflaWo direct You* production 
handed from craeOve to completion 
wfihout haesta or dtaappotatment 

Corrisct Symon BkmOold on 


Om i tmd ■miiwm I» ^ I | |miw 

coaMhaataeed 3fc with pood (feudal 
■ouRci Kdca compaaire id bdp develop 
isto profit nvootre u>£ 1 0m. Nnr 
and Mtdfeadi Onfy -Rreliatx Rated 

FjC*. of Logie CaawWs Lad. 

8 FIddnr, Titottm. Saka aa liret 
St4 SAH. Tet 0782 644S1S 

coBtAwnatt write B Box 10*78. FracU 
Thm. 10 CammStraat, London BC4P48Y 

mwn mm trrn t rnrn mm m mir mik um 

uusmess am assets or Hkmf nd imoiMK 

e we a ter aia. auwnna itenWi oi- 





Seating approx. 300 people and 
offering a comprehensive range of 
facilities for conferences, private 
functions, weddings, dinner dances 
and parties, also there is an inside 
display area for motor cars and 
ample parking space. 


Telephone (0727) 40904 


MANAGEMENT: Small Business 

Where prosperity exacted 
a price in Campobasso 

John Wyles on the training challenge facing an Italian company 

Financial Times Tuesday November 10 1987 

lording it over a modest indus- 
trial estate outside a little- 
known town in southern Italy is 
at first sight a touch too majes- 
tic to be associated with a small 

But the modesty of the sur- 
roundings and the anonymity of 
Campobasso are a more appro- 
priate setting for Mangimificio 
Molisano, a thriving example of 
the hundreds of thousands oF 
small and medium-sized busi- 
nesses which drive the Italian 

In fact, the concrete citadel is 
a clue to the activity of this rela- 
tively young family company 
with very mature ambitions. 
MM. for brevity, manufactures 
animal feeds in a system which 
passes raw materials through a 
lofty and lengthy network of ma- 
chinery. The finished product 
emerges as pellets of various 
sizes and hues and their cost 
and efficiency is a major factor 
determining the prosperity, or 
lack of it, of more than 1,000 
livestock producers who buy 
from MM. 

MM's products are more often 
than not the nucleus for a feed 
mixture assembled by the pig or 
rabbit breeder, cattle herder or 
poultry former, and the user 
will frequently want advice on 
what mixture to feed. The unas- 
suming offices alongside the 
manufacturing plant are there- 
fore as much a consultancy as 
an administrative centre. 

'll is important that custom- 
ers should feel able to come and 
talk about their problems and 
to see if we can help. Obviously 
it is extremely useful for us, for 
we can learn very quickly if a 
particular iked is giving the de- 
sired results,” says Giovanni 
Fiorilli. MM’S 45-year^old man- 
aging director. 

A quietly-spoken bespecta- 
cled accountant, he prides him- 
self on leading a company 
bound together by ties of loyalty 
and affection. There are two 
other Fiorillis in the business, 
both cousins of his, one working 
as company accountant and the 
other as one of its veterinari- : 
am. The latter function is par- 
ticularly important in both 
pushing forward product devel- 
opment and managing the rela- : 
lions hip with clients. 

The technological component ■ 
in animal feed manufacturing • 
can be easily underestimated. ■ 
When Fiorilli set up the compa- 1 
ny in 1874, one of the first things i 
he did was to equip a la bora to- i 

Quality control can only be as- '■ 

sored by analysing the quality 
of the various inputs - Iked 
grains, soya and some meats - 
and also by monitoring the fin- 
ished product 

Maintaining the function, 
however, is a problem. The re- 
gion of Molise has emerged as 
one of the most prosperous in 
the Mezzogiorno; nonetheless, 
its small entrepreneurs have 
the same difficulty in finding 
suitably trained technicians as 
their counterparts in Campania, 
Apulia and elsewhere in the 

‘Some people say that the 
schools are the problem. I don’t' 
think 90. It is much more a ques- 
tion of weakness in higher edu- 
cation. We have spent a lot of 
money training our people, or 
otherwise we could not have 
done business," says FlorillL 

MM remains, nonetheless, a 
small employer; its production 
operation is massively auto- 
mated and two technicians can 
control the entire process. 

When it opened its doors in 
1977, the company employed 18 
people as against a current pay- 
roll of 28. Production, however, 
has steadily increased from 

200.000 quintals of animal feed 
in 1980 to 380,000 last year. Fior- 
illi says that he will reach 

700.000 quintals "in two to three 

All of which is a long way 
from the family flour will busi- 
ness which he entered 20 odd 
years ago after qualifying as an 
accountant. In a fairly common 
story of generational change in 
a small business, youth, repre- 
sented by Giovanni Fiorilli, saw 
the limitations of the existing 
business and the need for diver- 

He also identified, quite cor- 
rectly, the absence in Molise of 

animal feed suppliers: 

The fomily was granted the 
region’s first licence to produce 
Animal feed in 1983 and, after a 
decade learning about the mar- 
ket, it then decided to build a 
purpose-designed plant 
Technical expertise was pro- 
vided by Lino Tofi, a specialist 
engineer, who is now president 
of the board and a minority 
shareholder, but not involved in 
full-time management 
Financing came from the 
now-defunct Cassa di Mezzo- 
giorno which provided 40 per 
cent of the initial L2bn (£09m) 
investment as a grant and 
around 30 per cent as a cheap 

But whatever the virtues of 
this state development agency, 
efficient administration was ap- 
parently not one of them. The 
Fiorillis pressed ahead with 
their construction, once as- 
sured of the financing, only to 
spend two-and-a-half anxious 
and difficult years waiting for 
the money to arrive. "We had to 
go to the banks at a time when 
interest rates were astronomi- 
cal,' says Fiorilli, still wincing 
at the memory. 

Not surprisingly for an ac- 
countant, Fiorilli lays great 
stress on the importance of cost 
controls to keep his business 

The livestock producers of 
the Molise are by no means in- 
sulated from foreign competi- 
tion and the low-cost output 
from the Netherlands, for exam- 
ple, is a constant source of pres- 
sure to keep MM’s selling prices 
down. Giovanni says that mar- 
gins are, therefore, usually low, 
although MM had a very good 
1986, thanks to a fall in raw ma- 
terial prices. 

Turnover rose by 21.8 per cent 
toLl2946bn (£5. 8m), while gross 
profits more than doubled to 
LI. 617bn (£735,000). 

But building a good relation- 
ship with the customers also in- 
volves what some may see as 
generous credit arrangements.' 
While MM has a 30-day payment 
period with its suppliers, it al- 
lows its clients up to 60 days. Its 
1986 accounts snowed an in- 
crease in customer credit from 
L34J88bn to L4^83bn, a rise only 
partly reflecting the increase in 

•Of course, we have to make 
sure that customers pay, but we 
have close relationships with 
them and we help them when 
the going is difficult," says Fior- 

Nevertheless, financing a 

Giovanni RortD: open mind on 

small business in Italy, once the 
generous start-up grants have 
been absorbed, is not cheap. 

While Fiat and other giant 
corporations negotiate their 
own rates with the big banks, 
small businesses pay a premi- 
um of 3 to 4 percentage points 
more But. again, being part of a 
local infrastructure is impor- 
tant, and MM apparently has a 
fruitful and understanding rela- 
tionship with the local hank In 

O he advantage the small busi- 
ness can enjoy in the shadow of 
the giant corporation is the ab- 
sence of trade unions. Fiorilli 
sees no need for them in his 
company. He applies the na- 
tional agreement for the gener- 
al food industry which means 
that his top-paid workers take 
home around LL5m-LL7m. a 
mouth - a wage, it must be re- 
membered, which is paid for 14 
months in line with general Ital- 
ian industrial practice. 

Though only 45, Giovanni Is 
already giving some thought to 
the eternal fomily business 
problem of managerial succes- 
sion. He has an open mind in 
the sense that he will not re- 
quire his two daughters and son 
to follow him. Moreover, he says 
the guiding principle must be 
"the person in charge is the 
most able in the company." 

He is also aware that there 
may come a time when mm, al- 
ready a product of diversifica- 
tion, must again diversify in or- 
der to keep growing. He has no 
idea yet of the new path to be 
pursued and talks vaguely of 
'advanced agriculture,' not at 
all deterred by current produc- 
tion excesses in the European 

He is adamant that there is no 
secret to unders tanding the suc- 
cess of small businesses in Ita- 
ly. They simply do the basic 
things welL But they also draw 
great strength from the strong 
regional identity or their peo- 

Business Opportunities 

The flexible alternative 
to the inflexible overdraft 

Confidential cash* flow funding at overdraft rates 
offering a facility of up to 80% in 
value of UK debtors. 

Non Destructive 
Testing Company 

tCT Company has lengtfwni n fl 
oriwtook and unlqus town sfo lk 
mBaoy and cM aerospace product 
Rsqulr** £300,000 kiwstmani B 
service expansion. Corporate plan 
awlabte. For fcrtttr daaflswrta to 
Box No. F7740. Financial Times. 10 
Cannon Stmt, London EC4P4BY 


Situations when BI C ommercia l Finance 
can be of benefit include; 







For more details contact 

B I Commercial Finance Limited 

Head Office: ABtambra Home, 
9 Si. Mkhaeb Rd.. CMydon. Snrey CR9 3SA. 

LONDON: Laurence Out 01-686 0900 
CAMBRIDGE! Gavin Stcvcasoa (0223) 3S443S 
BELFAST: Tievor H mb. (0232) 230501 

Call Freephone BI Commercial Finance 
A Bank of Ireland Group Company. 

Working Capital for growing companies 

B*rry EMnb 4 HllMIBI if an 

SkMim In Mpmg companies raraa 

Manoator mp— OnardawSnpm i a.Ow’ 
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Ocrpewe Branca Ma ma fra 
Admitting Panning a Raaaafch Md 
Qadt Management. 

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* Expert unbiased advice 

* Supply of superb well priced executive jets & 
corporate airliners 

* Complete aircraft managment including crewing, 
maintenance and operations. 

* Possibility of cost defraying charter revenue. 

*10 years of experience and reputation in aircraft 

charter, sales, leasing, management and 

* Contact: Ctirlatophor Foyle or Bay You n gurorih 
Air Foyle Limited, Halcyon House, Luton Airport, 

Luton. LU2 9LU. Tel: 0562 419792 
Fax: 0582 400958 Tlx: 825538 AFOYLE G 


Internatinal company specializing inpromting small/ medium 
sized businesses bas recently re-located its world corporate 
headquarter to London. In accordance with this move we re 
seeking a suitable partner to joint venture the first 
company-owned office in the UK. 

This offioe will experience direct managemtn from Head Office 
Pcrsond and so ensure it profitability in it own entiy. The office 
win be a catalyst for an future activities in the UK and the 
opportunity exists for the partner to purchase total control wihria 
12 months. 

Investment total is limited to the setting-up-cost of one sales 
office and redeemable during foe first 12 months of operation 
with associated high percentage return from an estimated 
minumum £500,000 turnover. 

Apply first instance to: 

Kenneth MSowden Chief Executive Officer 

Suite 233, Premier Home, 10 Greycoal Piece, 

London SW1PLSB 

Phone (0J) 700 2468 Fax (01) 799 2624 

Ms- A 

Corporate Finance Team 


Added -Value Shareholder 

Small, growing, pr o fessional 

tion specialising 

in Mergers & Aquisitions and Strategic Consulting. . 
Broad research-, analysis and deal-doting skills. 
Complete team, central location, with sophisticated 

We wish to establish an association with a substantial 
investor prepared to inject both capital and ideally a 
quality deal flow. 

All responses will be treated in strictest confidence. 
Box No. F-7745, financial Times. 

Bracken House. 10 Carman Street. London EC4 

100 % 


We have completed arrangements with a major 
Merchant Bank to provide 100% 
Financing for quality Property proposals 

Corporate Finance Facilities are also available 
for Flotation, Acquisition or 
Capitalisation purposes 

MINIMUM: £1,000,000 

Principals cmhr should mile ( 0 ,- 


77 Moscow Rood. London W2 7EL, or 
Telephone: 01-727 6474 Trie* 8053620 Fax: 01-221 1196 




-Ml TuedcDmai 
_ - 39000 ULLE 
TOL0I0 31/20 32 6036- 
7ELEX: 12OTJ8- 

Government Region al suppo rt 

proposal 1 


GOVERNMENT departments 
in the UK are being encour- 
aged to buy more goods and 
services from small firms. 
John Cope, small business 
minister at the Department of 
Employment, urged senior 
purchasing officials at a semi- 
nar last week to make a special 
effort to Include small firms in 

their buying plans. 

Cope waa at pains to point 
out that while small firms 
would benefit from a more ac- 
commodating purchasing poli- 
cy oa the part of government 
this initiative was part of a pro- 
gramme to get value for money 
for the taxpayer. 

It was ordinary commercial 
prudence not to depend on a 
single supplier for a particular 
item, he noted. Competition 
among suppliers would lead to 
Improvements in prices, deliv- 
ery and quality for government 

An advantage of using small 
suppliers was that their lines 
of common] cation woe short 
so they were responsive to cus- 
tomers and resourceful In 
serving them. 

"With a small firm you are 
much less likely to find that 
tee despatch department didn’t 
realise the order was urgent, 
because the people who des- 
patch it are tee same as the 
peejde who make It,” be said. 

Small firms do, however, 
foce difficulties in trying to 
sell to government depart- 
ments. They do not have spe- 
cialist staff combing Whitehall 
for opportunities and govern- 
ment departments can loeok 
very inhibiting from the out- 

A small business might have 
difficulty tracking down the 
purchasing officer of a partic- 
ular department from the 'of- 
ten opaque entries in the tele- 
phone books.” Many assume, 
normaly incorrectly that that 
all purchasing is arranged 
centrally on a huge scale and 
they are unwilling to go to the 
expense of putting in a specu- 
lative tender If there does net 
seem much chance of getting 
tee order. 

The government dees not 
want to adopt the US practice 
of requiring departments to 
nuke a certain percentage ef 
their purchases from small 
firms, hut It does want to give 
them equal access to govern- 
ment contracts. Cope said. It Is 
willing to help by putting local 
purchasing in touch 

with local suppliers through 

its regional enterprise units. 

Ian Hamilton Fazey on a proposal to improve survival rates 

THE CRUCIAL nature of pro- 
fessional support for small 
business has been emphasised 
in new research conducted by 
the Manchester and Liverpool 
offices of Investors in Industry 
( 30 , the development capital 
provider owned by the Bank of 
England and the main clearers. 

They have looked closely at 
the performance of smaller and 
medium-sized companies in the 
north-west - including the rea- 
sons why some succeed and oth- 
ers foil - and have come up with 
a special approach to help more 
of teem succeed further. 

The conclusion reached by .31 
is that there is a need for an 
even stronger network of sup- 
port than exists at present to 
help businesses survive and 
grow. It is setting one up in the 
north-west, sponsored by its 
Manchester office, to encourage 
and build upon what Peter 
Folkman, the local 3i director, 
says is a strong regional climate 
of enterprise. 

In the first half of the 1960s 
the region did better for *maii 
business start-ups than any- 
where in the' UK outside the 
south-east, accounting for 102 
per cent of the 818,990 start-ups 
in the period. 

This may seem small beer 
compared with the south-east,- 
which did 38.6 per cent of the 
total, but the north-west was 
nearly 12,000 start-ups ahead of 
the west Midlands, which itself 
accounted for 8.7 per cent of the 
total (see table). 

Part of the reason why may 
well be that the north-west has 
the most comprehensive net- 
work of enterprise agencies in 
the UK. which started there in 
1978 with the Community of St 
Helens Trust, followed the next 
year by Roasendale. 

Within stx years it had 27 op- 
erating and another nine in for- 
mation or being planned.. By 
contrast the West Midlands had 
12 and Yorkshire and Humber- 
side 10 at the time. Even tee 
south-east then had only IT. 

The agencies have helped im- 
prove tee climate in which 
small businesses start up and 
operate in the early years and 
have been particularly good at 
helping people avoid many plt- 
falls that could lead to early 
failure. However, support alone 
is not enough; tee small busi- 
ness starter has to have talent 
and the right qualities to begin 

To have any chance of suc- 
cess, 31's research suggests that 
'tee key entrepreneurial skill is 
an ability to solve problems. 
This is much more important 

than craft skills or the strength 
and endurance required from, 
say, factory floor employees. 

Stalled manual workers or 
employees in small to medium- 
sized operations are more like- 
ly to acquire problem solving 
abilities than unskilled workers 
or employees in large plants. 
They are therefore more likely 
to start their own businesses. 

This also helps explain re- 
gional differences. The 
north-west and west Midlands 
have larger pools of these sorts 
of people, in contrast, say, to the 
north-east, where there has 
been a gene ratio ns-long reli- 
ance on very large employers 

survival depends on four foo- 
ters - the age of the business, its 
size, the breadth of the manage- 
ment team and the spread of tee 

The age of the company is the 
single most important factor in 
survival. About 10 per cent of 
businesses foil within the first 
12 months and a farther 30 per 
-cent daring the next two years. 
After 10 years, only 40 per cent 
could be expected stiff to be 

It would appear from -this 
analysis that efforts put into 
supporting a new company in its 
early years will greatly improve 


Number reg. 

Smith-East - 
West Midlands 
Yorks + Humber 
East Midlands 

East Anglia 
Northern Ireland 

This is reflected in the fact 
that, collectively, small and me- 
dium-sized companies have .the 
major stake in the Manchester 
economy, with 63 per cent of 
manufacturing companies em- 
ploying fewer than 500 people 

Indeed, comparison points up 
the relatively dependent nature 
of tee Merseyside workforce, 
where 70 per cent of those in 
manufacturing work in plants 
with more than 500 employees. 
Where Merseyside scores is in a 
strong tradition of smaller busi- 
nesses in the service and distri- 
bution trades which live off the 
larger companies. 

Education also counts. People 
with a degree or professional 
qualification jrere best at 
starting up a business and 
showed the fastest rates of 

These people were also more 
creditworthy, even though 3i 
says that it is now much easier 
to raise capital because of a 
proliferation of venture capital 
rands in the last two years. 

However, 3i warns that much 
higher house prices enable peo- 
ple in the south-east to raise 
larger sums by way of a second 
mortgage, with farther distort- 
ing consequences to the start- 
ups league table. 

The research suggests that 



53^0 0 



its chances of success, "3i says. 

The influence of the breadth 
of tee management team is re- 
flected in the fact that failed 
businesses tended to average 
three directors each while the 
successful companies average 
four. While this reflects size of 
business it usually also indi- 
cates wider experience on the 
board and the possible involve- 
ment of non-executive direc- 
tors, who bring objective ad- 

Similarly, failed companies 
bad an average of OS sharehold- 
ers who were not directors, 
compared with LI for those 
which succeeded. 

Nevertheless, 3i's experience 
has been that even though they 
were ultimately successful, 
about one-third of companies 
were at one time very close to 

At this stage tee quality of ad- 
visers is crucial. A good under- 
standing of a business by its 
banka or an individual invest- 
ment executive has often en- 
sured support and more money 
In the face of imminent failure. 
Many businesses treated in this 
way fay 31 have gone on to great 

It is therefore setting up an 
experimental network in the 
north-west to help - the most 
promising young businesses in 
the region to grow. 


Why not uses source with a proven implementation record to rsttbKsfi 
your U.S. operations for you? We specialize in providing complete rod 
timely “start-up'* management for foreign owned business. 

We see to the physical as well as the legal creation of your hnrinm; rite 
location, bonking, staffing, marketing and sales, production, etc We 
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condense your intitial phase, while conserving your own human 
resources. Writ* far details and references to: 

Iattrastkmil Managem ent Service, Inc. 

P^X Box 39209, Dctrok, Michigan 48239 
Phase USA (313) 334-6910 Fax (313) 271-2483 


With professional management group specialized 
in high tec companies gives investors with DM 
2m or more possibility for above average return 
on investment. Limited fund volume. 

Write Box F79S3, Fi nanc ial Times 
!0 Cannon Street, London EC4P 4BY 

A Fast Expanding Company 

Trading internationally requires support to assist in financing its 
highly profitable growth. The company imports Consumer Electrical 
Goods and bas established a wide network of outlets throughout the 
U.K. and in Europe. Support of up to £1M is required Iff way of 
bank guarantees for which the company is prepared to offer a 
minority interest in its share capital. 

For details please apply to; 


Lynwood House. Crofton Road, 

Orpington, Kent BR6 SQE 


Substantial foods available for land either let or in hand and 
with opportunities for continued occupation by vendor,. 
No cmnmiaaw n required 
Apply in confidence for ‘ 

Peter Prag 01-629 8171 or 0488 82726 
Jonathan Bengough 0432 273087 

Knight Frank 
K &Rutky 01-6298171 


gr„ I... ■ITT-'- 

We are looking for distributors 
to market: our fashion purses 
and accessories to the tourist 
trade in Greece, Italy, South of 
Franco, Spaki and Portugal. ■ 
Exenflrot proven records in U.K. 
VWy high profit margin. Any 
quantities and irons 

bets contort tha jfwiiqaw 
Director, LAD (TVaval ft 
Laatoarpooda) LHL, 

S9 Knowstoy Street, 

Off Cheatham Hi Road, 
Manchester. M88JF. 
T el eph o n e 081-834 2689 
Tatox 686242 
FUx OBI-832 7835 


Finance for expansion, new ventures, and MBOs, from 
an industrial investor is a rarity in the UJK. 

We invest for capital gain and offer 
a unique pragmatic approach. 

See if we can help you. $S iSk) 1 

Johnston Development Capital Limited 

Johnston House Hatehlaads Road RedhiH. Surrey WH 180 ^®=**^ ^ ^ 
Telephone (0737) 242466 Telex: 27641 Fro (0737) 221012 A Bmbcm Master 

Production Facilities Available 

Due to expansion, we have capacity available for tee assembly, test, 
packing and repairs of consumer electronic equipment, quantities in 
range 10,000 to 100.000 pieces. 

For Details, please contact John GUI. 

Divisional Manager. Mills Associates Ltd, 

Wonastow Road, Monmouth, Gwent 
Telephone: (0600) 4611. 


A unique design for a castor wheel front, four wheel trailer, 2 yean 
and 50K spent in R and D, provisional patents granted, prototypes 
built and tested up to 5 tons plus. Terrific towing and reverting 
advantages. Prepared to sell all for 30K. to anyone capable of 
completing quickly. 

Principals only. Write Box F7952, Financial Tines, 

10 Cannon Street, London EC4P 4BY 

Existing Corporate Finance And Property 
Development Company 

Requires a suitable established parent company 
already operating within these sectors 

Pri nc i p a ls only should apply tos 
Bo* F7954, Financial rimes, 

10 Cannon Street, London EG4P 40Y 



Computer Services Co 
Marketing telephone 
matching services seeks 
capital/BES/or other 

Reply to ElDett Toaphtos 
Soaker, Peter House, St 
Peters Sqnrt, Manchester 
Ml 5BH. Fax 061 228 1545 

Reply in confidence to: 

Bon F774I, Financial Times. 

10 CanaM Sum. London EC«F 4BY 


speciaHsing Tn Interactive 
marketing and motivation 
seeks Sales Director, 4 days 
a month minimum, to 
develop substantial new 
contracts on profit 
share basis, 
nsasa write as Ur.Ru* Use*. 
CMnaen, Grafton, 9 Cork teste, 
London, WtX IPO 

7 yr.- Old Line, Legal 
Reserve, Arizona Insurance 
SbelL Capitalized at 
Uunsaal Opportunities. 

Write Box 2026, Hopkins. 
Minnesota 55343. USA. 


n you wnt to buy or backs business 
Vtrane capu Ftopari pwdttafeof 
*50 rpodfle oppoi tu nB— pa 

Fare*dsdfe wttxxrf 
ateoatton eamcc 

ven, z Boston Road 
Kartoy on Thvnat RG9 1W 
■fcfe 0401 579989 A ntor al HMBRA 


Investment required for a 
National Tour of The 
Begem and Hranmsta teft i 



For further details 
contact: Ot 226 8501 or 
01 311 7188 


On Ccouaerczaia lodanrisl 
Properties at prime rata 
5/10 yean 

Imenttoaljr. Minimum ban £230,000 

Enro pe'i Lead in g Fin ance Contotontt 
IS Meter Stmt. Late WUC SAC 
T«fc 11-629 5051 Fn 4094419 



Exdiarirve “Fwft-lrttfk" scheme - 
audited accounts tumcoenwy 
(min lyr»rading>70%ofv»l>ieat 
1 3.5 p-a. variable interest. Up to 
85% of value available at fixed 
interest (2^% shove present Base) 
vrith 3 ycara satitiacliMy audited 


r dr 0272 743710/743535 
SUddlffe Associates 

] To most people she's just a cow. 

• In fact Gertrude is a valued and esteemed 
supplier, helping to satisfy the ever growing needs of 
Express Foods. . 

Express have always been one of the leading 
independent operators in dairy products in the UK and 
Eire. They have held that position through product 
innovation, brand development and, less obviously, 
through another Grand Metropolitan success, Bailey’s 
Original Irish Cream. 

Express supplied, the 36 million gallons of milk 
needed to produce enough high quality cream for the 
■2.5 million cases of Bailey’s that we sold around the 
world last year. \ 

For dairy producte with les§ of a kick, Express 
offers cheese, desserts fend yogurts from Eden Vale 
and Ski. And they go way beyond the dairy with a 
delicatessen range front Aylesbury Foods, and 
luxurious gateaux and pasul^from Fleur de Lys. 

Grand Metropolitan neve^ just acquires a business; 
it makes it better. W 

Grand Metropolitan is how one of the UK's 
largest, most broadly based international companies. 
Its strengths are Specialist Retailing, Drinks, Food and 
Hotels & Gaming. By building on these strengths it is 

succeeding in more countries and with more customers. 
* And it is still growing rapidly. 1 

Which isn't surprising. Its philosophy is, after all. 

tqr envelop and add value to all its brands, businesses 
and properties. ■ ] 

' i Not just to milk them. . 

[....adding value 


Open country. 

By broadening your scope 
of opportunities, we make 
it easier to choose the 
alternatives that best suit you. 

'■-nz&Z&'-r ■: 

• r w':-..-'-: w*. »»>■•£.': ... ... . . 

• w». >•'■■; 


:»«*'■ i- 

tf •• . Jt 

K&' -A. 

Ky'. .. J 

•• • -■ . :: ,'v r . v ■■ .. 

. <r ** 

.... «r% ■-- 

OI9<7 Merrill L 9 MKPIrR«.rHm«rC Smith Inc. M*ml*r .UPC 

If you’re a substantial international 
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explore opportunities that lie outside 
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place to do it is Merrill Lynch. 

Merrill Lynch is one of the largest 
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in the world. And as our client, you have 
access not only to our trading 
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Whether you’re interested in dollar or 
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timely investments around the globe, 
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For example, you can participate in 
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Harness the power 
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Merrill Lynch 


Financial Times Tuesday November 10 1987 


• ^ •• • J.— -worth more than £666,000 for 

Gleeson in £llm projects 2 

' _ Christchurch Park, Sutton, for 

n_ - rT GROUP has will form the outer fiice of the valpe ' of flL5fo, the gJJJX o6 flats m thjw two^torey 

CMbracts t<J British Library superstructure scheme will comprise blocks, together withoar park- 

and also some Um common Toom hotel with ing and external works, for the 

tanjngalmostfillm. jgieks to.- provide narfjHontng cilSies for SMXkpepple • London Borough of Sutton. 

Wor^hasslartedforccn'plebon CONTAIN CONSTOCCTTON to 

factonr umtsor the Develop- mmo. contrac t, worth information centre. . • • ' * • .been a 2 a !2SlfhS5da sq 


about to commence the film re- cooling tnWforMiff; cwea Shropshire for a sub- Barnsley. South Yorkshire. • 

SSL^o^offlatefo^N^ with a lfikcomdor counting sidlary ' of . the ConsoUdtfejJ ^ steel- framed, single- sto- 
storev blocks ot iiao ror »«w ...... - Cmun. Work has , —sii v>a mnnnrtf^ 

of flats for New- wirn a 1U “ comoor connecting 

JSSte uoonTyne City Council it to the main building. The con- 
Ttuf group* is a£o building eight tract a tia “dudwa subterr* 
Amtorannita. together with nean water and oil storage tank 
dSge and extemal works, at for the air-cojuUhonhig 

i^o» Comap btaMIJb- SEJM iWSftft 


— . — — — - . . The steel- flamed, single- 

Goldfields Group. Work has Hnflding will be supported 
started on this 66m quarrying am j pad foundations 

nd wifi have brick-dad eleva- 

roUierv Industrial Es- system, wore nas sianea ipr wniwsu. fronts, me »vy» 

Boldon couiery mau^juu completion in spring 1988. lt is have been awarded to BUXTON will be disguised 

^Council irorth £301382; for the Property Services Agen- BUILDING CONTRi^ TO RS-for around its perimeter by* tiled, 
ough council, wora ^aui^oo^, miner u an .,»m bnf a hotel extension in Surrey, and ro/>f detail. A 

ana wui. 

■ *• . ' firms with large, glazed shop 

Contacts worth almostfito The 'Trocal flat roof 

have been awarded toRUXTON lrt — will be disguised 

?SSTS| id Surrey, and A 

isSSiEHi ! 

SS §Sl2^ 9 3£mK'5E%Ei The AGATE GROUP, Heanor, - be- added to ttjj Lajtaoki gJ^OTTofrefrigerdion m»dott»- 
off385367. p^hire.J^orter8_foruew erserri^ wmbe.sorfaced m 

ofSS MWSarai hotel at Bastotoke^ ^^^be surfoced in 

f AtsSield, the company is budding, civiLengineddng. ma> ^ a contoct^wwlb^dmgd terrazo tiling. • 

|iIeT^w W SS£r«?l n . °O^Sd Aerowt of Sooth S^sfoT^S'S^ 
Ld^SSdert^S^MOof ^.“ctiton Drive, Putney. 

siSs ssassss 

ior eaiuiwutu — . __. u 

lamation schemes which total (UK). The seven-month project 

includes a conservatory restau- 

loo, at Baslington, Lancs , on 

susssuiras 5==^ffffaAS--ss" Church “ BO ' ,nng 

BritishHousing Association. premises at Ripley, Derbyshire- £775 000 contract, 


taciiicy u rouuus muiwuwt 

Estate, Scunthorpe. Bonar and communal facilita^for the el- 
Flotex has ordered a £L2m deriy, for_ Rlch mond^pUpon 

'hames Churches Housing 

premises at Ripley, Derbyshire. Tnist. contract. Externally, Costain will con- 

Both contracts have com- Under a C7TO.OOD contract, service roads and a goods 

menced for completion by sum- due for com PgJJ - * bl £52d yard? a^ park forTCO 

mer 1988. Two flirUier contracts tagb^uah^ SreSritTrowed wSkway. and 

are pending, adding another consteucted at Part awu Riling station. Road 

Elm to the total. . South, Alexandra Palace, for superstore in- 

gU^c“D3^?o?!fob!l &% b nd U ^5^m e fl^ tbeWueter of the site will al- 
OLL Having a total construction constructed under a contract so be 

The store is to be fitted out 
under the contract and this will 
entail installation of all plant, 
shelving and specialist retailing 
equipment. Apart from the 
main retailing floor, the store 
will also comprise stafF amenity 
areas, dry warehousing facili- 
ties, fresh food preparation ar- 
eas, and an in-store bakery. 

£L6m, of a shopping centre at 
Epsom for Friends Provident; 
and Is to build in south east 
London air crew accommoda- 
tion for the Civil Aviation Ad- 
ministration of China at a cost 
of £461,000. 

A subsidiary. Concrete Re- 
pairs, is repairing a quay at 
Harwich for SealLnk, and anoth- 
er at Lowestoft for Associated 
British Ports - the total cost of 
the work is almost £100,000. 


HOWLEBTs £6m contract for 
basement works at the British 
Library site has ‘bottomed out* 
two months early. The work, 
which started in July 1985, has 
comprised the construction of 
concrete basement slabs to four 
levels below ground, operations 
being carried out by the "top 
down" method- Some 125,000 cu 
metres of London clay were ex- 
cavated floor by floor, working 
through access holes left in the 
concrete slabs. Other 

operations included the break- 
ing out of temporary columns 
and removal of Annco casi n g s 
and gravel fill surrounding 
steel columns installed by Mow- 
lem under a previous £500,000 
contract. . ^ , 

The company has started 
work on two further contracts at 
the same site together worth an 
additional £7m. The largest, 
worth £5m, is for brickwork and 
blockwork and involves laying 
hawdiHad* facing bricks which 

father contracts high^uahy houses « 
are pending, adding another CMihurted at P*rk Avenue 

flm to the total . 

Scheduled for commence- 
ment In February is a new tour- 

Vic** •- - ^ • 

- r- ■ , -k > -• 

central barrel-vaulted roof atrium, external catwalks and sun shade 

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For example the US SlOQQOQDOO 8.25% 
Guaranteed Notes we lead managed fhr All Nippon 
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And the CAN $75,000£00 9% Guaranteed 
Notes we lead managed for the Hertz Realty 
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c* 'rj 

*\ \ "■ 

7 1*i 

rTfiii ‘ 

^ - ..*v * 

¥' IT - — — 







> J 

Financial Times Tuesday November 10 1987 



The transfer off 

technical advances to 
the market is becoming 
much taster and more 
competitive. The 

universities are devetoping - 
commercial expertise to push their 
work into the business arena and 
earn licence fees, as Peter Marsh 

Big rush to 
the market 

TECHNOLOGY is rushing from 
laboratory to market at an 
ever-increasing speed. And the 
technical ideas themselves, 
whether bound up with electron- 
ics, new materials or factory en- 
gineering, are having a wider 
and more pervasive effect in a 
bigger cross-section of industry. 

These two factors are behind 
tiie increased Interest in recent 
years in technology transfer, the 
all-purpose phrase for the mech- 
anisms of ensuring that techni- 
cal ingenuity Is channelled as 
smoothly as possible from the 
Initial ideas stage to the oonuoer- 
ciai arena. 

-Any- discussion of technology 
transfer must start , with its in- 
herently human, rather than 
technical, dimension. The big- 
gest problem in transferring 
ideas - from tile research depart- 
ment of a company to its mar- 
keting offices or, in a Joint ven- 
ture, front one company to . 
another - lies in -ensuring that 
the partners in the undertaking 
are aware of each other's goals, 
motivations and limitations and 
are willing to work together. 

. Much of technology transfer, 
therefore, is bound up more with 
psychology rather than with sci- 
entific breakthroughs. 

Technology transfer Is also far 
from new. It was well known to 
the medieval cathedral builders 




who painstakingly transferred to 
their rough ana ready construc- 
tion sites what knowledge they 
had of, materials and of how 
structures react to forces. 

What has changed in modem 
times, and particularly in recent 
years, is boot the pace of techni- 
cal change and its widening in- 
fluence. Fundamentally new 
ideas in. say, molecular biology 
or the physics of microchips are 
making their way from the labo- 
ratory Dench into products in «s 
little as five years - a time un- 
imaginably short by the. stan- 
dards of the 1960s or 1960a 

These technical advances are 
also affecting, either indirectly 
op directly, a broader range of 
bittiness activities. A few yean 
ago, technology-based industry 
could be neatly pigeon-holed into 
a few sectors such as computers, 
telecommunications, pharmaceu- 
ticals, energy production and 


ba«ld Worth 

Technolo g y Transfer 

areas still comprise 
the Han’s share of what is re- 
ferred to as high-technology in- 
dustry, there are today few com- 
mercial activities that technical 
advances are not changing, 
sometimes in radical ways. 

Take, for example, the advent 
of computerised data bases and 
video screens into the travel 
trade, or of laser scanners into 
general retailing. At the same 

time, more areas of manufactur- 
ing, even what have been regard- 
ed as low- tech “metal bashing" 
industries such as metal casting 
or forging, are altering at a great- 
er rate than at any tifne since 
the industrial Revolution, thanks 
to advances in areas like automa- 
tion, new bonding methods and 

Tfe increasing speed and per- 
vasiveness of technical change is 
automatically reducing the -gap 
between baric research, the ‘cu- 
r-driven” sort that tradi- 
iy went on in academic in- 
stitutes, and applied research, 
the kind which companies are 
best known for undertaking in 
turning reasonably well devel- 
oped scientific principles into 

The now substantial area of 

overlap between the two conven- 
tional sorts of research is re- 
ferred to by Mr Nick Segal, a 
British consultant specialising In 
technology management, as stra- 

kind of research, Mr Segal 
noted recently”, ‘covers those 
topics which, although con- 
cerned with fundamental issues, 
are perceived as creating knowl- 
edge with dear long-term poten- 
tial for exploitation, though the 
precise applications of even the 
generic technologies cannot be 
foraeen.... Taken worldwide, 
so-called strategic research is 
probably growing as a propor- 
tion of overall research.” 

Having identified the need not 
only to become acquainted with 
the details of particular technol- 
ogy changes but to integrate 

these into business operations, 
how does the industrialist put 
these policies into action? 

Five broad technology-transfer 
strategies have become evident 
in recent years. These are; first- 
ly, the university link. Academic 
Institutes in many parts of the 
developed world have become 
extremely keen to develop con- 
nections with established busi- 

These usually takes the form 
of Joint research ventures but al- 
so encompass the setting up of 
new companies where both the 
educational centre and the exist- 
ing concern may have an equity 

Some of these activities may 
take place an science Darks, in- 
dustrial estates normally associ- 
ated with centres of learning 

which are reserved for technolo- 
gy-based businesses. In Britain, 
Cambridge's science park has be- 
come a focus for how university 
academics can work with indus- 
try while similar concentrations 
of academic scientists working 
alo n gside established commercial 
ventures are evident in many 
parts of the US, most notably in 
the states of Massachusetts and 

Much of the motivation for 
such links comes firura the aca- 
demic establishments, which see 
them as useful because working 
Jointly with companies can both 
provide extra income and keep 
academic scientists in touch with 
Industry developments. 

Companies, for their part, may 
participate in there types of ven- 
tures precisely because they give 

Universities; boost to earnings 
from Industry 

Paten ti ng, key to Scansing new 

Body scanners: more advances 
and sates 2 

•Agendas: seeking the Mg proWs 

Transputer* chip of the future 3 

them an Insight into an emerg- 
ing area of technology which the 
commercial concern might not 
get from its own research staff. 

Second, there are Joint re- 
search schemes. Government or 
industry-managed tompetltive* 
research ventures have become a 
growth activity in the Western 

Examples include the Esprit 
and Eureka schemes in Western 
Europe, Britain's Alvey pro- 
gramme In advanced computing 

technology and a number of pro- 
grammes in the US electronics 
industry organised by Industry 
bodies such as Sematech and the 
Microelectronics and Computer 
Technology Corporation. 

In all these cases, the idee is 
that a group of companies in a 
particular industry like telecom- 
munications or engineering - 
which might normally regard 
themselves as competitors - pool 
knowledge in areas of strategic 
research defined under the aus- 
pices of the particular pro- 

The rationale for these 
schemes is twofold. On the one 
hand, it has become generally ac- 
cepted that - for the good of the 
international economy - compa- 
nies in broadly similar areas of 
business would do well to learn 
from each other’s research strat- 
egies at a precompetitive level. 
As a result, therefore, govern- 
ments have found it Justified to 
pump money into research 
schemes to help this familiarisa- 
tion come about. 

The second motivation stems 
from the purely pragmatic realis- 
ation that modern-day research 
is frightfully expensive. It is 
more cost effective, rather than 
have different companies dupli- 
cate each others' work, to ensure 
that commercial organisations 
pool resources in certain areas of 

The third strategy is the “win- 
dow' approach. This entails big 
companies taking strategic equi- 
ty stakes in smaller ventures, 
primarily as a way of keeping 
informed, in a practical “hands- 
on' way, about an emerging area 
of technology. 

An adaptation of this is to set 
up a highly focused research 
centre in a particular technical 

Companies involved in such 
strategies like to say that this 
enables them to open a “win- 
dow - to a new technical disci- 
pline that may have fundamen- 
tal importance to the way they 
operate commercially. 

There are many examples of 
such “window" stakes in the 
chemicals and drugs industry, 
where the major players want to 
keep informed of changes in 
smaller companies concerned 
with technologies such as the 

ics of new materials or bio- 

technical developments in the 
West. According to Baring 
Brother*, the merchant bank, 
during 1986 Japanese companies 
paid out more than 6600m in 
overseas investments in mainly 
small technology-based ventures. 

One of the leading players 
here is Canon, the camera and 
electronic goods company, which 
has stakes in severe! small US 
ventures. More recently, US and 
European companies have been 
putting the Japanese approach 
into rev* 

There is a slight adaptation 
here as the Western concerns 
are, rather than buy in to Japa- 
nese companies, are attempting 
to gain insights into Japanese re- 
search and development through 
setting up their own R and D 
centres in Japan. This strategy 
seems particularly marked in the 
chemicals industry. 

Among the concerns which 
have followed this Idea are Eu- 
rope's ICT, Air Liqulde and Ciba- 
Geigy, and In the US: Upjohn, 
W.RTGrace, Dow and Du Pont 

Fourthly, there is brokerage. 
Here a company which wants to 
gain knowledge about a specific 
area of technology roes to some 
kind of agent which acts as a 

bridge with a third party which 
provides the required expertise. 

Some venture-capital compa- 
nies are attempting to provide 
this sort of service, by bringing 
together manager* from estab- 
lished Industry with people with 
new and interesting, though per- 
haps entirely undeveloped, scien- 
tific ideas. 

Th e final strategy is 
Do-it-yourself. For all the welter 
of technology-transfer schemes 
involving coHaboraUon with out- 
side parties, for more companies 
prefer to keep technology trans- 
fer policies in-house. 

More management time Is tak- 
en in devising mechanisms to 
moke transfer of ideas from the 
laboratory to the marketing de- 
partment as efficient as possible 
than certainly was the case 10 
years ago. Yet outside certain 
companies which have become 
well known for getting internal 
technology transfer policies right 
- Hewlett-Packard is an often- 
quoted example - it still seems 
that many m istakes are made 
and that many companies would 
do well to pay yet more atten- 
tion to this area of their busi- 

• Higher Education Links, ar- 
ticle in Journal Industry and 
Higher Education, September 





The Patent Office and the Research Councils are Jointly sponsoring 
the "Wealth from Science" Conference at the Queen Elizabeth II 
Conference Centre, Westminster, on 16 November 1987. 












Financial Times Tuesday November 10 W7 


Gone are the days when universities and polytechnics were insulated from the commercial world by substantial grants, savs Jeremy Cowan 

Universities boost their earnings from industry 

BRITAIN’S universities and poly- 
technics are not what they were 
ten years ago, and some academ- 
ics are grateful for it. Gone are 
the days when these institutions 
were insulated from the commer- 
cial world by substantial grants. 

A new breed of academic en- 
trepreneur is emerging, particu- 
larly in the fields of science and 
engineering; people capable of 

identifying a department's com- 
mercial strengths and of capital- 

strengths and of capital- 
i them to benefit both the 

ising on them to benefit both the 
faculty and Its staff. 

. Universities- and polytechnics 
have not only survived the worst 
post-war recession, and grant 
cuts of up to 44 per cent In one 
year - in the case of Salford - bat 
are now contributing more than 
ever to the . success of the small- 

est start-up companies and such 
household names as BP, GEC, 

There is also a common feeling 
that having shared in the re- 
search effort on a project, they 
should have equal rights to the 
intellectual property resulting 
from iL 

Under the terras of the Gov-" 
eminent 's Aivey scheme, which 
was aimed at enhancing Britain's 
information technology industry 
by collaboration with universi- 
ties, and the new Link scheme 
which encourages the transfer of 
all exploitable technologies, - aU - 
inteliectuai rights in joint re- 
search fall to the Industrial part- 
ner. . 

Further, while some universi- 
ties are only just receiving their 
first revenues from selling their 
services, be it through a 'poor ' 
understanding of their own earn- 

to an end next year and' is due to 
be replaced byAlvey. 11, about 
which a government announce- 
ment is long overdue. The pro- 
gramme has encouraged com- 
mercial contacts Detween 
industry and. higher education' 
but the universities are unhappy 
that it . has given the acad emic 
partners no intellectual property 

"It is now being proposed that' 

polytechnics. I hope that this can 

be extended to the universities,' 

the same situation should apply ■ 
in the Link urotframme/ Mr 

Mr Pamaby says. • ■ 

He is also enthusiastic about 
the DTI's initiatives such as the 
Integration Programme and the 
Teaching Company Scheme 
which puts young engineers into 
a business environment to focus 
on an industrial problem undo- 

academic and industrial supervi- 

Most centres of, higher educa- 

ing power, a disorganised or 
half-hearted -approach to seWng, 
imply through having little 

M wMaM utlwdhgaona d^ n 

1 at Exeter Un i ver si ty. 

Patent protection 

A lynch pin for licensing 

1CI, and -Philips. 

They are using a range of 
methods to sell technology with 
a vigour that was notably absent 
before. Theselnclnde the univer- 
sity liaison offices, conferences 
such as Techmart, and data ser- 
vices such ss British Expertise in 
Science and Technology (BEST). 

Whatever the history, technol- 
ogy is today' being transferred 
between academia and industry 
on an unprecedented scale. Re- 
cent successes include the design 
of an aluminium oxide ceramic 
hip joint that is more durable, 
more compatible with human 
tissues and Is fitted in a new 


Developed by 
al College, ana 1 

London's imperi- 

College, ana Morgan Matroc of 
Surrey and funded by the Sci- 
ence Engineering Research 
Council (SERC) this has now 
been successfully tested. 

At the other end of the coun- 
try, pioneering work at Strath- 
clyde University, Glasgow, has 
overcome many of the problems 
associated with ship-board in- 
stallation of “moon pools” 

the ideal lynch pin for a technol- 
ogy transfer agreement. On Its 
own, a patent document seldom 
gives full practical details of how 
to manufacture an invention or 
make a new process work. 

Additional knowhow Is 
needed, but it Is often too nebu- 
lous to sell on its own. The most 
convenient way of trading in 
knowhow and goodwill is to tie 
it to 8 patent document. 

The patent gives legal protec- 
tion on the basic idea aid en- 
ables the owner and licensees to 
keep competitors at bay with in- 
fringement actions. The associ- 
ated knowhow which may be 
sold with the licence helps the - 
licensee make money .from the 
rights purchased ana gain com- 
mercial advantage over competi- 
tors who try to design round the 
patent instead of buying a li- - 

When Philips licences electron- 
ics com p anies to make compact 
disc records or players, the li- 
cence fee is $25,000, with a roy- 

alty ox bus cents payable on 
each disc pressed and a few per 
cent cm the factory price of each 

player produced. 
The patent lice 

The patent licence contains no 
knowhow. For that, the factory 
-must pay up to Sim for turnkey 

In the UK, the Government 
has become increasingly con- 
cerned that British ideas are not 
only developed but also property 
exploited. Inis means, for exam- 
ple, that universities create prop- 
er arrangements so that they can 
build in patent protection and 
licensing arrangements for their 
Inventions from an early stage. 

A report in 1983 by Sir Robin 
Nicholson, then Chief Scientific 
Adviser in the Cabinet Office, 
complained that Britain had ‘In- 
sufficient awareness" of patents, 
and urged that the Patent Office 
should do more promotional 

Its official pamphlets, Sir Rob- 
in said, tended to be "densely 
written and full of jargon— the 
i m p ressi on given is of an arcane 

Are you developing 
a new product 
or service? 

Make it a success story with- 

world rather than that of mod- 
em technological Britain.*' 

Since then, the Patent Office 
has tried hard to make patents 
more accessible, for instance by 
organising seminars at universi- 
ties and schools. And the Gov- 
ernment has now decided not to 
hive off the Patent Office to pri- 
vate enterprise. 

The Government is likely to 
look next at the British Technol- 
ogy Group which, since 1981 has 
been responsible for both the Na- 
tional Research Development 
Corporation and National Enter- 
prise Board. The NRDC was cre- 
ated in 1949 and is under statu- 
tory obligation to work in the 
public interest at developing and 
exploiting inventions. 

Until 1985, the NRDC was in 
the fortunate position of having 
first call on any invention which 
came out of research funded by 
-public money. Now universities 
and government research labora- 
tories are no longer obliged to 
hand their inventions, over to 
NRDC. Like private companies 
and individual inventors, they 
can choose, between going it 
alone or taking NRDC help. 

For more than 20 years NRDC 
ran on royalties earned from pa- 

tents covering the cephalosporin 
family of drugs. These came 
from research funded by the tax- 

This patent portfolio has now 
withered from old age and BTG’s 
income from patent licences has 
plummeted from more than 
S25m a year in 1983 to Si 2.6m. 
last year. 

There is still no sign of any 
new moneyspinner of compara- 
ble value and BTG has had to 
spend heavily on suing foreign 
companies which have infringed 
its existing patents. BTG is now 
slimming down the number of 
active projects. 

The Department of Trade and 
Industry, which oversees BTG, 
has already talked of privatisa- 
tion. Howeve r, the BP snares de- 
bacle puts this idea hack in the 
melting pot. 

When a patent application is 
filed in Europe it establishes an 
unambiguous priority date for 
the invention described. Anyone 
who has come up with a similar 
idea but not tried to patent it, or 
who comes up with the same 
idea and then tries to patent car 
work it, may well be stymied. 

□Access to University facilities. 
□Advice from established science departments 
□ Assistance with grants and financial incentives 
□ Secretarial services inducting word 
processing fax and telex. 

□A prestige address , 

shared with international companies i 

l man exclusive research park environment J 

• =s== Mnuntjoy^^= 

Thepbce to turn good ideas hto good badness 

Fbrd gaferfWghspedfcaflon 
mdH cxMe acco m nio ftart on 
contact Dr John Tlariec Unit! A 
Durham Mourtifoy Researdi Centre , 
k Durham DH13SW. A 
W^Ttfephoneftm 3544173 

open to attack by third parties. 
So talking openly about an In- 
vention before & patent applica- 
tion is made puts a time bomb 
-under any patent subsequently 

There are good legal reasons 
why large companies wfll often 
refuse to consider unpatented 
ideas in confidence. If the com- 
pany's own research department 
is already working secretly along 
similar lutes, a difficult situation 
can arise. 

The company must either dis- 
close the secret status of its own 
work, or risk being accused of 
using someone else's confidential 
proposal as a springboard for 
in-house research. 

It is often said, only half-jok- 
ingiy, that the best way to crip- 
ple a research laboratory is to get 
wind of their latest research pro- 
gramme, toss a confidential pro- 
posal along similar lines through 
the window, and run. 

If an inventor has filed a pa- 
tent application, there is no need 
for p rop osals in confidence be- 
cause there is already a cast-iron 
. priority record at the Patent Of- 
fice. with an application on file 
there, the originator is free to 
talk openly about the invention - 
although there may be good 
commercial reasons far talking 
in confidence to keep a lead over 
the competition while the appli- 
cation is still held secret by the 
Patent Office. 

Drafting a patent specification 
is a skilled Job, which requires a 
curious mix of technical and le- 
gal skills. Although solicitors are 
allowed by law to practice as par 
tent agents, only registered pa- 
tent agents can take the strict 
examinations set by the Char- 
tered Institute of Patent Agents. 
Inventors will have to tie on 
their guard because the Govern- 
ment's new Copyright Bill will 
let anyone set up as a "patent 

A patent application must con- 
tain enough technical informa- 

or simply through having little 
to offer, some institutions now 
find more than half their in- 
comes from external sources. 

Ironically, this- has now left 
them open to criticism of ne- 
glected teaching duties and basic 

Many universities and their 
staff now rely on this extra reve- 
nue to subsidise modest govern- 
ment grants and salaries. The di- 
lemma is that many feel that 
compared with private research 
organisations, their services are 
so underpaid that .the income is 
not covering overheads, such as 
the replacement and uprating of 
laboratory equipment 
"Government departments are 
as much to blame as commercial 
companies," according to Auriol 
Stevens, Director of the Universi- 
ties Information Unit 
"And if the uni vanities try to 
improve their financial returns 
they run a high risk, of losing 
contracts to competitors, particu- 
larly in other uni versities. 

.One senior industrialist who 
has some sympathy with tills dlf- 

in the Link programme, Mr 
.Stevens says. "We. believe that 
the Government should act as an 
honest broker between the uni- 
versities and Industry, insisting 
on equal rights for. each to ex- , 
.ploit their joint researches." ' 

Many in industry do.not agree. 
According to GEC's. Derek .Rob- 
erts: “It'is important- that indus- 
try's intellectual property rights 
-should be protected; but it would 
be wrong to place too much em- 
phasis on this problem. Only a 
few per cent of projects ever run 
into difficulties over property- 

But if the university feels 
short-changed at the end of a 
project is it likely to rush into 
others in the future? . 

As Mr Roberts sees it "Nobody 
is forcing them into collaborative 
ventures with companies. Nor . 
was Aivey aimed at improving 
technology transfer;, ft was de- 
signed to strengthen UK J indus- 
try. - 

“Anyway, Aivey (and Link) is 
a two-way flow of information so 
if universities want to benefit 
they must consider links frith in- 

He adds: "If the universities- 
change the rules quickly they 
may lose out. Their research is 

tiOti have now woken up to the 
financial opportunities of collab- 
oration with industry. No one 
dreamed though, chat any would 
go .too far down this road and 
threaten teaching standards and 
the quality of graduates. . 

According to' Prof Raymond 
S mailman. Vice- Principal of the 
University of Birmingham and 
head of the department of Metal- 
lurgy* -and Materials Science: 
"When money was plentiful it 

was easy to sit at your desk and 
write a . proposal without proper- 
ly interacting with industry. Per- 
haps the pendulum has now 
swung too far the other way, 

"We must not go too far down 
that collaborative route. Univer- 
sities must be able to work on 
crazy ideas: we mist have the 
chance to do baric research not 
tied to industry’s needs.” 

- if tiie business community is 
to get tiie best out of co-opera- 
tion with universities and poly- 
technics, it will need to give 
greater thought to one or two 
points. Both industry and gov- 
ernment departments must for- 

• fTi ft iBilnil' •'ll tat- thflIV tiiuA 

get the notion that they have 
some right to high quality re- 
search "on the cheap." 

cheap and if prices rise too much 
companies win not feel they are 
getting a bargain and, may sim- 
ply put research out to. commer- 
cial laboratories pr do it 

industrialists and the Depart- 
ment of Trade and industry are 
reportedly finding , that the or- 
ganisational structure of British 
universities Is hindering the so- 
lution of industrial problems. 

through which to lowo: diving 
bells. The hazards of launching 
these over the ride can be elimi- 
nated by building a moon pool in 
.the centre of the ship. 

The most common problem 
with this technique is that wave 
heights can be accentuated quite 
unpredicably in the moonpooL 
Now a new design from Strath- 
clyde has now been employed in 
a number of British ana Canadi- 
an vessels which permits diving 
in hitherto impossible weather. 

in many cases the figures for 
technology transfer speak for 
themselves. Birmingham Univer- 
sity has shown a dramatic im- 
provement in earnings from the 
sale of technology, taking its 
1981 revenue from industry of 
£760,000 to roughly £4m last 

But the discovery of this new 
earning power has brought prob- 
lems, too. For example, many 
universities fee! that although 
they are now 'earning some of 
their keep, they are bring ex- 
ploited by industry and govern- 
ment departments who often ex- 
pect work to be done at cost 

ficulty is Derek Roberts, Techni- 
cal Director of GEC. But he does 
not accept that industry is to 

“Getting the going rate for re- 
search in universities is a prob- 
lem, I agree. It goes baric to the 
time when the UQC put up mon- 
ey from central funds tor re- 
search overheads. In recent years 
the squeeze has meant that over- 
heads have not been fully cov- 
ered by the UGC." 

To earning a realistic fee is 
just one of the universities’ con- 
cerns, however. Many smaller 
companies have in the pest com- 
plained of difficulty in identify- 
ing the right university and de- 
partment with which to work. 

High-technology companies 
without this back-up have for 18 
months now been helped by the 
Universities Information Unit at 
the; offices of the CVCP. hi Lon- 
don.;' Companies 'can: either 
browse through a Est oT universl- 

If companies feel they have al- 
ready paid' taxes for this they 
should remember that these 
funds also help to supply their 
graduate recruits, and should 

pay for the researdi separately 
and in fulL 

Govemment, too, can ensure 
that universities have an incen- 
tive to co-operate in commercial 
research to benefit British, indus- 
try, both by agreeing to pay the 
going rate for research and by 
supporting a more even division 
of the intellectual spoils between 
industry and academel 

Dr John Pamaby, group direc- 
tor of manufacturing technology 
at Lucas Industries, says "Our 
universities, are modelled on a 
single disciplinary ‘ structure 
when most industrial problems 
are multi-disciplinary. So compa- 
nies seeking * solution may have 
to co-ordinate work bom differ- 
ent departments. 

"In West Germany though, the 
universities have industrially- 
grouped faculties. .Aachen, for 
example, has researdi institutes 
geared to industrial needs such 
as jplastics, textiles and machine 

- i "Japan and. Germany: are .the 
two countries we can learn most 
fttfttf'TEe UKDepartihent dt Ed- 
ucation and Sciences aHpcaffon 
of $15m to the establishment of 
Manufacturing Systems Engi- 
neering courses, offering mum- 
disciplinary training; has excited 
great interest this week fixan the 

ty Contacts published by the 
CVCP or can use the unit to dr- 

CVCP or can use the unit to cir- 
culate details of their require- 
ments throughout its network. 
The Aivey programme comes 

Having started to make tech- 
nology transfer work for them 
the universities must not lose 
sight of the need for pure, as 
well as applied research - al- 
though for most this is scarcely 
an urgent problem yet. 

These slow starters will con- 
tribute to industrial development 
only if, first of all, they are will- 
ing and able to communicate 

their knowledge and, secondly, 
have technology to sell that Is 
relevant to industry’s needs. 

- For that they must be in'daily 
contact with industry, not just 
through their industrial liaison 
bureaux which have had moder- 
ate success, but through formal 
and informal contacts of every 

Magnetic resonance imaging 

Progress in medical scanners 

tion to give strong legal protec- 
tion, and room for manoeuvre 
against infringers with similar 
but not identical Ideas. But it 
must not give away so much 
technical detail that it amounts 
to a knowhow disclosure. 

In Europe, 'patent applications 
are published 18 months after 
filing. If the application Is reject- 
ed by toe Patent Office the text 
remains published as a free text, 
book guide to infringers. 

The chartered institute does 
not allow agents to advertise, but 
it runs clinics. Inventors get a 
little free advice and a list of 
agents' names. Barry Fox 

Under European patent law, 
but not in the US, It is fatal to 
disclose an idea, other than In 

confidence, before filing a patent 
application. Although toe Patent 
Office will often not k 

Office will often not know about 
the disclosure, and will thus 
grant a patent, the giant will be 


• ^jgg &**'** --* 

which can strengthen their science base, create new physical resources and lay 
the foundation for long-term research collaboration. Cogent has entered into a 
number of such collaborations which provide a signified level of funding to 
support research programmes in innovative areas of science and technology. 


TWENTY YEARS AGO, the chil- 
dren's TV series Star Trek fea- 
tured a small computer which 
oould peer inside the human 
body and diagnose disease. At 
the time it seemed laughably far 
fetched. Yet machines like this 
exist already, employing magnet- 
ic resonance imaging (MRI) as a 
non -invasive way of analysing 
body tissues. 

The imagers, still sometimes 
known as nuclear magnetic reso- 
nance (NMK) scanners, were in- 
vented, and continue to be re- 
fined, in British universities. As 
the images the machines produce 
become clearer, their uses be- 
come more subtle. They are al- 
ready capable of identifying the 
elusive cellular changes which 
lead to multiple sclerosis and of 
determining exactly how much 
plaque is contained in a blocked 

Dr Donald Longmore, director 
of the NMR unit at -the National 
Heart Hospital says: ‘Scanners 
will revolutionise medicine and 
the market in them will be 
worth billions of pounds. 

"You can compare the situa- 
tion with that of the motor car 
In 1904. It was considered to be a 
magnificent machine and no one 
would have guessed at the re- 
finements which would be of- 
fered on standard production 
line xnodels 80 yean later." 

But even today, the manufac- 
turers who take such advanced 
equipment from the pro tot ype to 
the production line face research 
and developments costs lunning- 
into tens of millions. So how 
does the academic working in his 
lab transfer this particularly 
high-tech device to the multi-na- 
tional market? 

With difficulty, according to 
Britain’s leading expert, Prof Pe- 
ter Mansfield of Nottingham 
University. He Invoiced toe first 
imager, which was patented in 
1974, and is currently trying to 
launch a second generation mar 
chine which produces instant 
"snapshot" image*. 

- Most of the machines currently 
available require a three to four- 
minute wait before the image 
can be seen. In the early -19/0s 
when he was working on his 
first machine. Prof Mansfield 
found he was neither fish nor 
fowl as far as the grant-making 
bodies were concerned. The Sci- 
ence Research Council turned 
him down because his idea was 
obviously medical, while the 
Medical Research Council was 
unhappy about giving the money 
to a physicist. 

After more than 18 months of 
scratching around for funds, 
Prof Mansfield eventually got 
the backing he needed from the 
MRC. Under the terms of the 

grant, he also involved the Na- 
tional Research Development 

Corporation, later replaced by 
the British Technology Group, in 

the British Technology Group, in 
his work 

While the BTG was dealing 
with the legal side of patenting 

and attempting to license the 
British inventions. Prof Mans- 
field did all he could to publicise 
the virtues of the new imagers. 

After 16 years of effort, he ad- 
mits to being a little disillu- 
sioned with the slow response of 

industry to these new ideas. "If 
we had been able to convince 
the - companies earlier on, we 
would have seen a return earlier 
as welL 

"One of the sad facts of life is 
that British businessmen don’t 
seem to be interested in technol- 
ogy. They are more interested in 
the stock market. 

"However, Prof Mansfield is 
hopeful that this is now chang- 
ing, and he expects his new-gen- 
e ration scanner to be on the 
market within the next two 

Prof Mansfield does not try to 
produce his inventions himself 
although two of his students did, 
by emigrating to the US and ob- 
taining venture capital over 
there. H o wever , Prof John .Mal- 
lard of Aberdeen University did 
attempt to manufacture the- in- 
ventions of his team by starting 
a company, M and D Technology. 

"To put It bluntly, we failed," 
he says. "We were financed by 
money from the (Sty and the 
Scottish Development Agency 
and eventually made and In- 
stalled three machines. What the 
City did not understand was how 
much money it costs to build up 
a team of people with the neces- 
sary skills, and how long It then 
takes to see a return on your 
money. "The company was sold 
for £1 pa shareholder, and is 
now in receivership." 

Prof Mallard says the lesson 
bom this is that only the giants 
<yn survive in the world of MRI - 
and toe evidence seems to back 
him up. Philips and Picker inter- 
national (which is owned by 
GEO are merging their medical 
instrumentation sections into a 
new, jointly-owned company. 

Several other smaller MRI 
companies have been taken ova 
by multi-nationals, and the lead- 
ers in the field are now General 
Electric, Siemens, Toshiba, Pick- 

er and Philips. 

Meanwhile, .both the Aberdeen 
and Nottingham teams are 
waiting to receive royalties from 
scanners manufactured by Gen- 
eral Electric, under a deal negoti- 
ated by the British Technology 

General Electric is a world leader 
in a field which has expanded 
rapidly over the last two years. 
In December last year BTG won 
a favourable out of court settle- 
ment from Johnson and Johnson 
in connection with a major pa- 
tent on MRI. 

Royalties bum other manufac- 
turers are likely to be negotiated. 

The scanners are proving far 
more versatile than was original- 
ly expected Dr Longmore says: 
"Everyone said the- scanners 
were good bead cameras. I set 
out- to show that they have a 
special' role in screening for 
heart disease. J 

He explains that they can be 

trad to measure the amount of 
fat r in. the plaque, show how 
blood vessels are narrowing, and 
also how effectively the heart is 
pumping blood 

At present, MRI scanners cast 
about Sim although they are 
likely to become cheaper In time. 
At .the moment royalties are 
trickling in fairly slowly. Prof. 
Mallard says he and his team 
members each receive about S5 
for each scanner sold 

. Nevertheless, as the scanner 
market expands, the royalty 
deals oould eventually torn the 
inventors into rich men and also 
swell the coffers of the universi- 
ties where the work has been 
carried out. 

Both professors say they 
thought the British Technology 
Group had done an excellent job 
in battling for the licensing 

Aim Kent 

* Experience 

Over 3b years' successful technology 

* Development 

Continuing to respond to the changing 
needs of- society 

Sdcncc and technology from dect ranks 
to human and animal health care 

* Contact 

* Fergus J. B. Neil. 
Industrial Liaison Officer. 
Glasgow University. 
Glasgow GV2 80Q. 

Tel: 041-330 5199 







;>: v .r*- ' 


Flnaiml TBur^Tuesdsy Np vmbtrlQlW? 









Patient tp a Hcfcar *c*tum, daveloped as a rawlt of rMearck at Abontoen, Notting ham and 
Oxford u nfvorai t tea and Boanaod by tho ftWfali Technology ftwy 

Transfer agencies 

Numerous groups 
seek big profits 

gathering pace, then the busi- 
ness itself of handling the trans- 
fer of technology and its licens- 
ing is undergoing its own minor 

Providing opportunities for the 
researcher and inventor in in- 
dustry or academe to find a com- 
mercial backer or Investor is be- 
coming so competitive that evim 
big banks, such as Barclays, are 
moving in in a major way. 

Barclays has designated "85 of 
its banks up and down the coun- 
try as special “hi-tech branches." 
Each manager Is specially chosen 
and sent on a training course to 
learn 'about the leading edge 
technologies and their market 

The Increasing business for 
technology transfer agents fol- 
lows the trend of seeking more 
global exchange of invention 
and innovation. For companies 
seeking international links their 
friendly, local bank manager is 
likely to be 
much more 
gy agencies. 

>. The remarkable growth- In 
tr an sferable technology, particu- 
larly in computers ana other 
electronics, bioengineering, phar- 
maceuticals and chemicals, feeds 
off international R & p. 

Thus increasingly numerous 
agencies, whether the govern- 
ment- sponsored British Technol- 
ogy Group - the largest organisa- 
tion of its type in Europe - or 
one of the many technical trans- 
fer consultancies, see potentially 
large profits to be gained from 
licensing internationally. 

For instance, cholesterol assay 
techniques developed in Britain 
brought BTG £750,000 in royal- 
ties from Its use for medical 
blood tests in no fewer than 80 
countries last year. 

Though many would say 
Britain has. more than its fair 
share of innovative talents, it 
seems that its innovators and de- 
velopment companies are going 
to face more competition be- 
cause of companies increasingly 
seeking out foreign innovations 
for development in British indus- 
try. This is still good for the Brit- 
ish economy in. creating new 
products, markets and jobs, the 
argument runs. 

Mr John Emanuel, chairman of 
the Institute of International li- 
censing Practitioners, says: The 
UK now represents less than 5 
per cent of the world market for 
goods and services and, as far as 
one can estimate, less than 5 per 
cent of the world’s Invention in- 

“For companies needing good 
science ana technology-driven 
opportunities for their fixture de- 
velopment, innovative technolo- 
gy would be sought from UK 
sources - but even more from 

To cope with the rapid expan- 
sion around the world in re- 
search, consultancies offer " spe- 
cialist services in technology and 
company acquisition, marketing, 
mergers, finance, and agents. 
The aim is to reduce costs, share 
risks and widen markets. 

Fees range from retainers of 
several thousand pounds fix: a 
general "technology trawl" or cli- 
ent company search, to royalties 
and bonuses which can run to 
hundreds of thousands of pounds 

if one of the hundreds of pros- 
pects they screen strikes gold. . 

Mr Emanuel, an EEC consul- 
tant an European technology ex- 
ploitation, is also managing di- 
rector of Pax Technology 
Transfer, a London consultancy 
whose current activities include 

and licensing in, which 
ing fpreign technolog 

putting together a Jim deal be- 
tween a UK and a US company 
to develop what is claimed as fixe 
Brat sophisticated industrial ce- 
ramics plant In an Eastern bloc 

With 70 associates in 40 coun- 
' tries, the agency has also recent- 
ly arranged to import .Chinese 
chemical fermentation technolo- 
gy Into Europe: 

Importation' to Britain of inno- 
vative technology would once 
have been 'seep as heresy jn the 
BTO. The agency was bom of 
-the National Research and De- 
velopment Corporation set trp40 
years age. Its chief executive, Mr 
lan Harvey, 42, and trained at 
Harvard Business School, is how 
launching BTG's own approach 
in this direction.' 

"The UK innovative attitude fs 
to keep to our bosom* what we 
develop in the UK. 1 believe that 
is impractical - we have to devel- 
op what we can With the UK 
first, then look at the global mar- 
ket, particularly the QS and J§- 
pap. Even then, where possible, 
atrcfr deals should try to incorpo- 
rates UK input. hesays. '*■ 

BTG is Tn the process of 
launching an inter corp ora te li- 
censing group. T believe that the 
technology transfer business Is 
International, ’ Mr Harvey says. 
“This means both licensing out - 
that is licensing foreign compa- 
nies to use British teehn< 

logy to 


‘Already we have had substan- 
tial interest . from, companies 
wishing to be involved. 

T am convinced there is a ma- 
jor market out there which is not 
developed. The UK can benefit 
from selected importation of 
technology; particularly of fidly- 
developea products. ■ 

A study commissioned by BTG 
suggested that UK companies 
were "mostly indifferent* to the 
source of new technology - 
whether it came from the uS, 
Europe, Juan or elsewhere. A 
further finding was that 88 per 
edit of those companies which 
had licensed in technology had. 
done po either where a fully-de- 
veloped product wps available or 
where the product had already 
been marketed. 

He sees the BTG’s strength as 
providing major financial re- 
sources, plus skills in patenting 
and protection and knowledge of 
worldwide companies and mar- 
kets for an. effective licensing 
progra mme . 

They are not afrajd of litiga- 
tion. After winning their legal 
battle to protect their nuclear 
magnetic resonance medical im- 
aging system, BTG are now suing' 
the Pentagon for alleged in- 
fringement of rights over the 
Hovercraft, now used widely 
around the world. 

' Sates of BTG-hcensed products 
are approaching Slbn a year 
which brings In licence income 
of SJL5-&20m annually, with new 
licence pigpings at the rate of 
one to two a week. 

BTG's operation heed. Dr De- 
rek Schafer, says he has a portfo- 
lio of least 50 innovations 
which could create major income 
for the takers. These include 
pharmaceuticals, diagnostics, 
new materials, electronics and 

Unlike BTG, which is prepared 
to bade projects. for 20 years or 
more, venture capitalists tend to 
go for ahffit-tersua gains; usually 

pitting h\ a dxrectror on th* cli- 
ent company's board to advise 
and monitor promess. 

- It i* one of the highest-ridr 

businesses of ail, with about 60 
per cent of companies not meet- 
ing their investment return. 
Companies such as Investors in 
Industry, Top Technology, 
owned by Haxnbros, and others 
combine to give Britain the lar- 
venture capital industry 

Cost effective gas sensors 

City TWwofafflr ** up by *e C*y 10 yaws ago to ctovtiopa 

novel acygenssnsot 

Slrce itwn it haseatabWisd a workMde npuMtan forte uxpantflng 
rang# or etoctrachsmtai gas mnoora and has raoatod two Quern's Aewda 

lor technological aeNevafnent 

inariufecawmfcrurelnihadiladloadawBncathrepioiiod dn 
hydrogen stfprtda, suiphirdDJdde. nitric odds, nteogan deride, dfafcw 
end hydrogen. 

Rr farther 

Mua mdoa. 
ploaM co n tac t 





p-» anftvriAN m: London bcwohb 

According to Mr Lionel Antho- 
ny, chairman of the British Ven- 
ture Capital' Association, the to- 
tal investment for last year was 
£426m, a 31 per cent increase 
over 1086. “We now have over 
£2bn . available for members of 
the BCVA for investing in un- 
quoted companies." 

Venture capitalist* often claim 
there is too much money in 
Britain chasing too few viable 
ideas, yet small companies corp- 

S ain they seem unwilling po 
nd very young companies 
needing only a few tens pi thou- 

In line with the trend for a 
two-way exchange of technolo- 
gy, the European Venture Capi- 
tal Association, "formed four 
years ago, /s now supporting, de- 
velopments in international mar- 
kets for the" start-up of small 
companies its members fund. 
Meanwhile. Barclays sees the 
benefits of getting their branches 
in hi-tech areas such as the 
Thames Valley, involved in such 

Mr Matthew Bullock, corporate 
finance director of Barclays, 
says: “Over the last 10 years we 
have seen a growing demand 
from larger companies for the 
[uitition of innovative product 
and processes from third 

Because an increasing part is 
now being met by smaller re- 
search development and design- 
intensive - companies, the bank 
has focused its support for such 
projects dose the the main re- 
search centres round the coun- 

tr ^We now have extensive loan 
commitments of over £400m to 
finance sales growth and devel- 
opment in such companies." 

His department lias formed a 

High Technology Team at head 
office to provide support for the 
designated branches, offering 
more spe cialis ed advice and ser- 
vice, backed by on-call specialist 
consultants and advisers on li- 
censing, patenting, and contracts 
from the head office team. 

Ur David Killick, who heads 
the team, reports pleasing 
growth in the 18 months to last 
April when the number of most- 
ly new hi-fech clients increased 
by 34 per cent in the Reading 
area ana 30 per cent in Luton. 

There are many other effective 
methods of technology transfer. 
These include industrial fairs 
and exhibitions, various publica- 
tions which bring researchers 
and exploiters and inventors' 
clubs such as .Inventahnk, which 
publishes ideas and circulates 
them in a bulletin to members. 

Techxnart, the four-day tech- 
nology transfer exhibition and 
conference, held last month at 
file National Exhibition Centre, 
is a major event in the calendar. 
This year it attracted a range of 
exhibitors from small inventors 
to technology agencies and uni- 
versities, though the number of 
“blue chip" exhibitors this year 
was disappointing. 

Despite lower attendances this 
year, & number of companies 
claimed substantial orders for 
technology deals, though the real 
business follows later from the 
contacts made. 

Ur Paul Miller, technical direc- 
tor of a nine-month -old London 
company, Novotech, spent 
£2£u0 to take a stand this year. 
He expects to achieve about 
&2SO,QeO- worth of business for 
Nbyotech's Aurora 16 computer- 
controlled illuminated display 
for shops, hotels and shopping 
centres. ■ • 

Novotech also received agency 
inquiries from France, West Ger- 
many, Switzerland, Belgium, 
Austria, panada, Israel and East 

Michael Je 
on os' and. 

Mehaftl Jeffrto* 

ies is Editor oj 

iness Link-up 

Case study: transputer development 

Chip with a huge future 

THE STORY OF the transputer, 
perhaps Britain's most innova- 
tive recent scientific develop- 
ment, is the elastic case history 
of technology transfer. 

Several different strains of 
university and industry research 
have come together to bring to 
the market a product of high in- 
genuity which may well trans- 
form the way many scientific 
and industrial tasks qra done. 

The "computer on a chip" in 
its latest form, the T800 transpu- 
ter, is now taking the world of 
computing by storm. Even 
though the makers, Inmos, can- 
not yet report a profit, the future 
looks extremely rosy for this ba- 
by of the defunct National En- 
terprise Board, now a subsidiary 
of Thom-EML 

The T800 is flow being deliv- 
ered in bulk and companies 
around the world are clamouring 
for it The concept of concurren- 
cy - the ability of a computer to 
perform many teaks at once - is 
at last feasible now that many 
transputers can be linked togeth- 
er to form a super-computer of 
awesome power. 

The prime example at the mo- 
ment is the Edinburgh Concur- 
rent Supercomputer, which will 
eventually have no fewer than 
1,000 transputers as Its central 
processing unit. Since each TSOO 
can carry out 15m instructions 
per second, the potential power 
of the Edinburgh computer is an 
awesome 15bn MIPS. 

That would be almnsfc enoug h 
to make meteorology an exact 
science instead of the half mys- 
terious art that it is at present 

There are many other tasks 
where the application of tran- 
sputer power will not only m»if» 
complex calculations much 
quicker, ft will also make possi- 
ble some calculations previously 
not capable of being performed 

The several strands of the de- 
velopment of the transputer 
from an idea to a reality include 
the vision of term Barron, a com- 
puter scientist and now a direc- 
tor of Ininas whose concept it 

CMp inspection at torn* and (right) tana Barron, originator of ttm translator concept 

After the initial Idea, David mand is picking up rapidly." ble at very high resolution. It is 
May is given a lot of credit for Like Edinburgh University, the expected to be ten times as pop- 
the "architecture of the transpu- American company Floating werful as an IBM PC AT and 
ter. He was at Warwick Uni vend- Point Systems Has developed a some industry experts are pre- 
ty when he met a young external supercomputer shich promises to dieting that eventually it will be 

challenge the giants, like the - - - - 

Cray machines - and probably 
for significantly less cost. 

On a smaller scale, transputer- 
based add-ons for personal com- 
puters have already been devel- 

student, Miles Chesney, who was 
later to head the team at Inmos 
which designed the transputer. 

Another name which is impor- 
tant in the transputer story is 
Prof Tony Roare, of Oxford Uni- 

versity, who was responsible for oped -for the Commodore Amiga, 
Occam, the language on which the IBM PC AT and various Ap- 
the transputer runs (although it pie computers, 
can also use languages such as C But probably the most signifi- 
and Fortran). cant venture so far, which 

Chesney is now helping to run seems likely to bring the tran- 
Meiko, a company in Bristol spuier into a much adder field of 
which is exploiting the transpu- computing, is the launch in Las 
ter in products which are selling Vegas of the new Atari ST 

worldwide, He praises the Euro- 
pean Community Esprit pro- 
gramme of technological assis- 
tance for the impetus that it 
gave to the transputer project. 

He says: "The TSOO is so de- 
monstrably useful that the de- 

"workstatlon" with a transputer 
as a special number-crunching 
processsor aimed at the educa- 
tional market. 

This one project where graph- 
ics is important and the aim is to 
make genuine animation possi- 

on sale for less than £1,000. 

In his offices in the Bristol city 
centre. Miles Chesney demon- 
strated a system based on 32 
transputers in tandem which 
produced breathtaking graphics 
of molecules on a screen. 

The Atari will obviously be on 
a smaller scale than this, but it 
promises to be an exciting addi- 
tion to educational computers 
The use of the transputer in 
graphics is the easiest way for 
people to comprehend ha power, 
so all the early demonstrations 
were that way. But it will be the 
sheer application of low-cost, 
computing on a huge scale that 
will eventually make it a success. 

And the success is already be- 
ginning for Inmos, which has its 
R and D centre at Almondsbury. 

near Bristol, and its factories at 
Newport, Gwent, and Colorado 
Spring, Colorado. 

It now has more than 200 cus- 
tomers who are already applying 
transputers to their products or 
are planning to do so. They 
range from computers for space 
satellites both for the European 
Space Agency and NASA to add- 
on cards to make personal com- 
puters incredibly powerful ma- 

One Japanese company is us- 
ing transputers in a video tele- 
phone it is developing, and an- 
other is incorporating 
transputers in a high-speed im- 
age processing system for factory 

The chairman of Iximos, Mr 
Harold Mourgue, claim s an 18- 
month lead over competitors in 
this advanced field. 

Arthur Smith 

The world’s most important group of insecticides. 

The fastest way of taking your car across the Channel. 

The largest group of anti-infective drugs in the world. 

The most advanced continuously variable 
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The most significant advance in medical diagnosis 

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The world’s leading technology transfer organisation. 

For details of our funding, patenting and licensing operations, please contact 
British Technology Group, 101 Newington Causeway, London SE1 6BU Tel: 01-403 6666. Telex: 894397 



Financial Times Tuesday November 10 1 987 


NEW ISSUES December 3. 1986 



8.40% Debentures 

Dated November 10. 1987 Due December 10. 1990 
Interest payable on June 10. 1988 and som annually thereafter. 

Series SM-1990-M CusipNo,313586YD5 

Price 100% 



Dated November i0, 1987 Due November 10, 1994 
interest payable on May 10. 1988 and asmiannuBHy thereafter. 

Series SM-1994-D Cusip No. 313586 YE 3 

Price 100% 

9.55% Debentures 

Dated November 10. 1987 Due Novomber lO. 1997 
interest payable on May 10. 1988 and settwannuaPy thereaft e r. 

Series SM-1997-F Cusip No. 313586 YF 0 

Price 99.875% 

The debentures are the ob l i ga tions of the Federal National Mortgage Association, 
a corporation organized and existing under the laws of the United States, and 
are issued under the authority coruamed bn Section 304(b) of the Federal 
National Mortgage Association Charter Act t IS U S C. 1716 et sag ) 

The debentures, together with any interest thereon, are not guaranteed by the 
agency or instrumentality thereon other than Fannie Mae. 

Tha otienng is made by the Federal Nauonal Mortgage Associahon 
through its Senior Vice President -Finance and Treasurer with the assistance 
ol a nationwide Selling Group ol recognized dealers in securities. 

Debentures win be available in Boak-Entry form onty 
There will be no definitive securities offered. 

Gary L Perlin 

senior wtCO /TBSwOrff 
Finance and treasurer 

Linda K. Knight 

Vice President end 

3900 Wisconsin Avenue. N.W . Washington. D C. 20018 
Ttm announcement appears as a matter of record onty. 

A serva prowhd br Barofcj Metroc** 9nw$bCuunpl 

morat> mmflncal Hr i«l pen*iw» d i«a B«B»r Chores Guns 

Finance director of the Prudential 

Mr Michael Lawrence has been appointed Mr Murice Bennett 
appointed group financ e direc- as deputy managing director, 
tor of the PRUDENTIAL COR- Mr Bennett, formerly m ana gi ng 
PO RATION from January L He director of DeVlieg, has been 

is a partner with Price . Water- manag in g director of com panies 
house, a non-executive director such as Warner Swaaey, JCB 
of the Fort of London AuthorRy, and Eaton, 
and a director of Port of London 
Properties. Mr Charles Boucher 
has been appointed finance di- 
rector of Prudential’s interna- 
tional division. He joins from 
Smith International Inc., where 
he was finance and treasurer 
director (eastern hemisphere! 


Mrla mRaperti has joined WAL- 
MANAGEMENT as sales- and 
markettog director. He was 
marketing director of Trollope 

A Colls. 

* • . . 

Mr David O Heine has - been 
made chief executive of FOCUS 
EVENTS. He joins from Cah- 
ners Exhibitions where he was 
managing director responsible 
for the operation of a wide 
range of events. Mr Geoff Dick- Sir James Ackers, who has been 
insen, formerly show director of dected prerident ef die Aasocia- 
both public and trade exhibi- tine of British Chambers of Com* 
tions & technical exhibitions, merce 

___ -ft-onr cea. for PHH EU- Mr Francis Holmes, UK chief 

HOPE, He was Owe- ^ t, ^ lu g 0 SK ’SSSS 

tor of personnel.^ n, jnspecxqr^ie IN- 

Mr R AGenever has been a p- TERNATIONAL, a quot- 

pointed director-research and ed company, and will a^rme 
development of ALEXANDER interoa^onal r^^byito for 
STENHOUSE UK. Mr Henry Ko- its 5^2^ 
ttardL local dire ctor-develop- Guggisberg and Br Matt h i as U. 
meat south and west division, Jermann havealsobew 1 ap- 
haift been made director of ma- pointed to Inspectorate s new 
jar case development in sueces- executive board, wa ich is 

slon to Mr Genever.- 

chaired by Mr Werner R. Bey. 

becomes managing director. He 
replaces HrFMlStreder, who 
has decided to pursue his for- 

Lord Elliott «fMorpeth has been Mr John Richards has been a p- 
appointed a non-exeentive di- pointed development director 
rector of T.COWIE. of HASSALL HOMES, $ 

* Group subsidiary. He was con- 

DECLAN KELLY has appointed stmctlon director. Mr Jotoi Fra- 
Mr Doug Smith as a main board cot* has been appointed lain 
director reponsible for special and sales director. He joined 
projects. He was senior London the company last March. 

manager with Lloyds Bank. * „ . . 

. - JOHN BROWN, a Trafalgar 

Followbw a restructuring of the House Company, has appointed 
Michael Forsyth Group,.. Mr Mr Brian GoMthorp Its director 
John. Hayes and Mr David Rob- of personnel He joined John 
ertaon have been appointed Brown in 1977 as personnel di- 
joint managing directors of the rector for the engineering and 
parent company. Mr Robertson construction business area. 

Sir James Ackers, who has been takes control of a new division, » 

elected president ef toe A&socia- political relations; Mr Hayes! is JMH BOSTROM EUROPE has 
ties of British Chambers of Com- in charge of the subsidiary City appointed Mr Roy Jordan as ex- 
merce Publications. eentive chairman of the group, 

„ . ■ _ _ . • * - and Mr Odin Howell has be- 

Gtr James Attars has been Hr peter Welch has been e lect- come group managing director. 

ed to the board of THERMAL Mr Jordan was chief executive 

mer career in computer sales at COMMERCE! S^mnC as a non-executive and Mr Howell was operations 

Cambridge Computers. 

Mr Aither Kettle, managing di- 

BERS OF COMMERCE, in sue- director. He was 
cession to Sir Kenn e th Durham, ^ gnani» 
Sir James is chairman of the geco Minsep. 
Walsall-based Ackers Jairett 

StoTof JametbuSr raThas Group. Mr An*r«v Lmnleyhas Mr ROBWF NUNLEY has been Products. 
hf*!n amrainted chainnamof the been appointed duertor, home appointed group sales and mar- . 

pcommer- director. Both were principal 
etorofFo- members of the management 
buy-out team which purchased 
Bostrom from Universal Oil 

been appointed chairman: of the 
BVMA from November 12. 

affairs, of the Association. He k eting di rector of RUHERY MCKECHNTE has appointed Mr 
was a civil servant in the De- OWEN-ROCKWELL. He will cor Clive Uaderdewa as chief exec- 
partment of Trade and Industry, ordinate the European sales utive of its consumer products 

was a civil servant in the De- OWEN-RC 
* partment of Trade and Industry, ordinate 

EX-CELL-O CORPORATION, a ♦ from the « 

recent management buy-out Mr Simon Cartwright has been Benelux,] 
from its American parent, has appointed vice-president, hu- Germany. 

from the company's branches in division. He was managing ~di- 
Benelux, France, Italy and West rector of GTE Rotaflex’s major 
Germany. European subsidiary, Concord. 


Military bridging system 

NEl THOMPSON, Wolverhamp- 
ton, has been awarded a £28m 
design and development con- 
tract for the Ministry of De- 
fence’s Bridging for the 1990s 

This will produce a new high- 
ly mobile lightweight military 
bridging system which can be 
transported in rapidly-assem- 
biedsections or mounted as a 
unit on a tracked chassis. 

This contract contains options 
for a contract which would 
bring the total value to about 
£100m. It includes not only the 
design of the bridges but also of. 
the vehicles and mechanisms 
plus the manufacture of the sys- 
tem to meet the performance 
and reliability requirements of 
the Ministry of Defence. 

To handle the contract NEI 
Thompson has formed a sepa- 

rate business unit, Thompson 
Defence Projects, under the di- 
rectorship of Mr Richard Bock- 
land.. Office and manufacturing 
facilities have been established 
at NEI Thompson’s head office 
at Bttingshall in Wolverhamp- 
ton, with a design team at NEI 
Clarke Chapman, Wellman 
Booth in Leeds. . . 

Mr Buckland said the award 
of the contract was the culmina- 
tion of more than 30 months 
work. The bridging system 
which NEI Thompson will' de- 
velop will be capable of carry-, 
ing heavier armoured vehicles, 
such as~fhe 62 tonne Challenger 



orders from Spain. Bra ti land 
the People’s Republic of China, 

worth in total £3.75m. 

Hie first of these orders is 
from the world’s largeststate- 
owned lottery. The Spanish Na- 
tional LotteryOrganisation, QN- 
LAE, whir* has ordered equip- 
ment. to supply six coupon 
processing systems; software 
and additional services. A cob- 
tract for an additional phase of 
the lottery’s modernisation pro- 
gramme is expected later this 

■ In Brazil, De La Rue Systems 
is to supply banknote sorting- 
systems to Banco Central do 
BrasiL The first two systems are 
being delivered this month and 
there are plans to install 20for- 
tber systems over the next three 
years. In China, the company 
has won a single order for 1,000 
banknote co unting machines af- 
ter two years of negotiations. 




A £15. 7m contract to extract 
800,000 tons of coal at the Wav- 
erley East opencast site, Cat- 
cliff e, near Sheffield, has been 
awarded by British Coal to 
wholly-owned subsidiary of the 
Mowlem group. 

The eight-year contract will 
involve moving 20.5m eu. metres 
of material and win create a 
hole at one stage 74 metres 
deep. The site will be rein- 
stated progressively to leave 
the land fit for industrial use on 
completion. Lomount is to 
spend £5u25m on plant for the 
project, largely hydraulic exca- 
vators and 95 tonne dump 

Financial Times Guides 
to Investment 
& Finandal Planning 


byAian Keiiy, Partner, Grant Thornton. (2nd Edition) 

Benefit from essential information on investment planning, unit 
trusts and investment bonds, pension arrangements, ox 
planning,' personal pensions and PEPs. Published in association 
with die Institute of Charrered Accountants. 

Price £9.95 UK £l2/USS17ore»cu. Published October 19*7. ' 



Analyses in a practical way die basic principles of stockmufcct 
investment, discusses die advantages of different caeegorics of 
quoted investment plus an interpretation of company accounts - 
and review of relevant tax rules. 

Price £9 .50 UK £12/USS 17 overseas. Published January 19S7 


by Gordon Cutnnotup. 

Explains the workings of the Stocfanarfcet and how to profit from 
it die D-I-Y- way. Plus how to set up and manage an investment 
portfolio, and make the best use ofyour capital. 

Price £9.50 UK £12/USS 17 overseas. Published November X986. 


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Iinanciul Times TiicmIuv November 10 1W 

^ fr: 


Royal Academy/David Piper 


Plantagenet age pavilioned in splendour 



, *" 4* • m " 

' C.1 

Age 0 / CfciwXtry at 
Academy Is not just an 
tion but could almost become, 
dining the next four months un- 
til it closes (6 March), an alterna- 
tive way of life, if you have time 
to spare. Not that it presents 
chivalry as a relevant code far 
social behaviour in the 1880s - 
young males In the Underground 
are unlikely to jump up to make 
way for the aged or the pregnant 

- but many aspects of the chival- 
ric Ideal were honoured more in 
the breach than the observance 
from the earliest days. Neverthe- 
less the title was clearly irresist- 
ible, and does not impair -the 
main theme of this splendid ex- 
hibition which is Art in Plantar 
genet England 1200-1400. 

Though once a medievalist, I 
tend to approach exhibitions of 
pre-Refonnation objects in En- 
gland with trepidation: so many 
of them will be fragmentary, not 
just worn or broken by time, but 
deliberately mutilated by Puri- 
tan iconodasm. I fear not only 
aesthetic maiming; but a chill of 
ancestral guilt. _ 

At the Academy, any such In- 
hibitions were quelled by the 
very first images visible. Bril- 
liant, a masterpiece of Gothic 
jewelry, exquisite in its comj ' 
delicacy, a golden circlet 
whence rise twelve golden lilies 
all in a- dazzle of sapphires, ru- 
bies, diamonds, pearls - a crown 
thought to have been made in 
Prague by a Parisian Midsmith 
about 1380 for Anne of Bohemia, 
brought by her when she mar- 
ried Richard n, returned to the 
. C Continent when a daughter of 

-Ail Jl'jiP Heiuy IV married Ludwig of Ba- 
'■**- varia - and surviving miraculous- 
ly, almost unique in ha perfec- 
tion of preservation, till now In 
Munich; it is set off between the 
slender silver-gilt sceptre, 
by a dove, that Richard of 
mil, brother of Henry HI and 
the only Englishman ever to be 
crowned -King of the Romans, 
presented to the cathedral trea- 
sury in Aachen in 1262; and the 
magnificent sword for the civic 
ceremonial of the Mayor of Bris- 
tol, of around 1370. 

This display is a perfect intrbit 
for the exhibition, various prob- 
lems that beset the illustration of 
Gothic art . have been resolved 
with rare success. The really 
monumental, surviving, achieve- 
ments of Gothic art In England 
are obviously the great cathe- 
drals and churches, that cannot 
be popped into the confines of 
the Academy. 

To achieve a more sympathetic 
setting for the spirit of the exhi- 
bition than the very post-Renais- 
sance classicising detail, Alan 
Stanton and Paul Williams have 
devised a very refined minimal 
kind of “Gothic-equivalent’ idi- 
om. ! would not have guessed jt 
posable to suggest, 

Gothic aisles m the 
grand Gallery m, but it is. The 
actuality of the great churches is 
illustrated here and there by 
photographs, but above all by a 
separate audio-visual display, 
which I warmly recommend - 
the film is very beautiful. 

painting can 




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jr t ■ 

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V 4 ***-■*■ ' • 

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fr . h > : 

Within the galleries, the {no- 
minated show-cases ’are very effi- 
ciently and unobtrusively de- 
signed, and reflection problems 
almost banished. In them, a class 
of objects normally very diffi- 
cult, or Impossible, for the gener- 
al public to view properly, is 
brought to life; the. ill um i n ated 
books. One cannot, of course and 
alas, turn over their pages, but 
the brilliance of the openings 
is riveting, and it Is 

in them that the continuity 
-and development Of Gothic 
i be studied 


In ritual angular stylistic 

ceremony but. often in the most: 
vivid un faded colour blazing 
against burnished gold. 

Another class of object like- 
wise difficult to see properly in 
situ, is stained glass, but for that 
here - the dusk, imposed on some 
rooms in the' interests of conser- 
vation, proves a positive bonus. 
The whole exhibition Is jewelled 
with its colour, inset in the dis- 
play walls, back lit,’ allowing a 
clarity and a “readability’ that is 
magical, and ranging from small 
panels perhaps only a foot or so 
wide to a twenty foot high win- 
dow glazing moved complete 
from Canterbury Cathedral - one 
of the Thomas Becket miracles 
set. A removal as delicate and 
perilous as this may seem to 
need further justification, but 
the organisers have supported 
their pleas for a number of loans 
with assurances of funds for the 
often very necessary conserva- 
tion of the glass, and some other 
objects too. The exhibition as a 
whole is sponsored by Lloyd’s 
Bank, but some of such conse- - 
quential benefits to lenders (and 
posterity) have been hel] 
grants from (Sty Livery 
nies and bodies like the 
Trust. The glass is breath- 
twice - once, at the daring 
moving it at all, and twice, at the 
radiance thus ideally revealed. 

The exhibition occupies almost 
the whole of the main galleries, 
and almost 750- objects are 
shown. In a 'sequence of mixed 
media displays. The first are de- 
led to set objects in the pottti- 
religions and social c o nt e xts: 
then follow chronologically the 
eras of the six Plantagenet mort- 
archa between John (noJ in the 
catalogue is a parchment manu- 
script of Magna Carta) and Rich- 
ard n. Objects range In scale 
from the great Can turbary win- 
dow to coins; some no bigger 
than a small finger-nail, and rep- 
resent most media: sculpture In 
stone and wood, even two splen- 
did fullscale tomb effigies of 
knights in wood, and Ivory;, met- 
al weak, from arms and amour 
to silver spoons, rings, coins. 

r, church plate; stained 
_ . _ „ "0. pamt- 

ing. -textiles' (nctafly the groat 
opus angUcamm cope .from Bo- 
logna); manuscripts. One of the 
revelations to many will be the 
very generous loans from Nor- 
way of sculpture apparently 
made by migrant English carv- 
ers, which - unhaxried by Icono- 
clasts - preserve the quality of 

early Gothic English carving as 
nowhere else, mast splendidly in 
the major masterpiece, still poly- 
chromed, St Michael from near 
Trondheim, about 1250. 

Space allows me to do little 
more than sahxte the exhibition 
as spectacle - its quality as such 
shone through even when, at the 
press view, areas were still in 
some disarray .as loans arriving 
at the last' moment were " 
installed. And a Hist a] 
was enough to recognise it as a 
worthy sequel to its recent pre- 
decessors in the task of re-assess- 
ing the achievement of early En- 
Sush art (Anglo-Saxon at the 
British Museum, 

the Hayward G 

The catalogue, edited by Jona- 
than Alexander and Paul Binstd 
. _ academy with 

Id and NIcoIson, 1&60) 
is equally clearly a lasting contri- 
bution to the literature of the 
subject It embraces 28 essays ter 
distinguished specialists on dif- 
ferent aspects, and will provide 
me with reading matter till 

pounds - requires for use In the 
exhibition, on field-work, as it 
were, an as yet unin vented piece 
of furniture, a trundler-lectern. 

For anyone whose grasp on 
the history of Plantagenet En- 
gland is not all that secure, use 
of the “Soundalive“ Walkman 
may be found helpful for initial 
exploration and orientation, 
though the captions on the walls 
are legible, concise yet ilhuidnat- 
ing. Yet the vital exuberance, tile 
achievement even when maimed 
by later violence and vandalism, 
that the objects project in them- 
selves, seem oddly indifferent to 
the turmoil, the internecine vio- 
lence, bloodshed and injustices 
at all levels of society in this 
period (the Hundred Years War, 
the Black Death, failed harvests, 
feudal slavery, plague). 

No direct impact (though of 
course there is an indirect one) 
of the precocious Peasants’ Re- 
volt of 1384 led by John Ball and 
Watt Tyler is discernible in the 
exhibition. The peasants were se- 
duced in confrontation with the 
young (and very brave) Richard 
□ and Tyler was knocked off by 
the Mayor of London; in the ex- 
hibition aD peasants appear nor- 
mally as rustic downs - visible 
most vividly in the vigorous 
carvings of the misericords ach- 
ing hours of payer. The Peas- 
ants' Revolt, though, was spark- 
ed by a poll tax - the Commons 
today should perhaps take note. 

The last of the Piantageneta, 
Richard II died (like his great- 
grandfather before him, Edward 
0) by murder - nevertheless, the 
room dewto^lo-bn,«tign cele- 
brates the establishment of the.. 
English vernacular in major fit-', 
erature bfr Chaucer, 1 whilst the 
portraits of Chaucer and of Rich- 
ard U are- the classic examples 
for demonstration that the art of 
naturalistic portraiture, the em- 
phasis on individual likeness and 
identity, has arrived, and mod- 
em man in England is on his 

w »y- . 


.ft I 

Stained glass panel from Exeter Cathedral of 
St Edward the Confessor, c!372-93 

Macbeth/Theatre Royal, Bristol 

Bristol gives us a decently 
straightforward Macbeth, with a 
few unorthodoxies that need up- 
set no-one. The male characters, 
for example, tend in have long 
hair hanging down their backs, 
which is hard on the warlike 
Banquo.(Sean Caffrey), whose, 
scalp is otherwise bald. We are 
given the Hecate scenes, which 
add extra menace to the Three 
Sisters, now seen to be the field 
troops under a superior com- 

Hecate's lines are awful, and 

her pathetically brave Lady Mac- 
duff later. Andy Hines, the direc- 


tor, haa had the production 
played fn half -darkness for most 
of the evening, like the RSCa' 
.Dream .' . 

Malcolm Stony’s Macbeth is 
tail and military, but lacks genu- 
ine concern in his speech. v How 
say’st thou that Macduff denies 
his person?* after the banquet 
sounds almost casual, as casual 
nearly as his reaction to the 
witches’ prophecies or the unex- 
pected vision of a dagger. Well, 
he may have, been a casual man, 
though ha bzeaks up his banquet 
more vigorously than most, lady 
Macbeth (Dearbhla Molloy) can 
be casual too - she reads her let- 
ter without excitement, but be- 
. comes sinister in the “Unflex me' 

. . B. A. Young 

speech. She is a more mobile, 
outgoing sleepwalker than any 
other that IfecalL 
The action takes place in Sally 
Crabb’s design of a featureless 
area surrounded by equally fea- 
tureless walls that may or may 
not be seen, as needed. This 
works well, and is perhaps the 
reason why the lighting is kept 
so low. The Macbeth castle had 

outlines of the eight Kings who 
are to succeed to the throne. 
Most of tills scene has gone 

excitingly; the armed hec 

brought up out of a vast caul- 
dron hill of well-displayed filth; 
the bloody child is actually bom 
on stage to one of the witches; 
the child crowned is one of a 
little batch of tinles who turn up 
aj£un at the Macduff massacre. 
More of a fight would be an im- 
vement in that scene; the el- 

no furniture except when the 

thane was giving a party - in- pro vement in that scene; the d- 
deed it often looked quite desetv der child is stabbed, the younger 
ed. The Porter Tattled through is carried off by his mother, but 
his bit without any great sugges- my Mood was not c hille d, 
tion that it was, as it was, a 
satirical interlude. 

Sometimes the lighting Is too 
low; we do not see more than the 

James Larkin Is a good Mal- 
colm, a valid descendant of. Peter 

Copley's Duncan, with a similar 
way of extending both arms in a 
wide gesture. He and Will Knigh- 
tley’s hawklike Macduff make a 
fair thing of the scene at the 
English court. Macduff’s climac- 
tic duels with Macbeth are 
fought with unusual armament: 
Macduff throws away his shield 
and uses that arm to draw a bat- 
tle-axe, and both of them go fn 
for some dirty tricks that would 
raise eyebrows at the AFA, such 
as tripping one another. I was 
never infected with any strong 
feeling of battle in these last 
scenes, and 1 do not think this 
was entirely due to the fact that 
there were only a few fighting 

War Requiem/Festival Hall 

The memorable and artistically 
weighty series of concerts given 
by the London Symphony Or- 
chestra at the Festival Hall and 
Barbican Hall in honour of Mstis- 
lav Rostropovich's 60th birthday 

came to an end on Remembrance 
Sunday with the performance, 
conducted by him, appropriately 
of Britten’s War Requiem at the 
Festival Hall. 

He was actually one of three 
conductors of it - Michael Crabb 
directed the Southend Boys 
Choir (positioned unusually on 
one side and In the middle of the 
auditorium) and Richard Htckox, 
who is in charge of the LSO Cho- 
rus, was conducting the Cham- 
ber Orchestra which the work 
requires, and prominently situat- 
ed to the immediate right of Ros- 

Thus the performance was 
manifestly a collaborative effort, 
and if some of the mystique at- 
tached to the star conductor - 
Rostropovich - was here with- 
held (Hickox was solely responsi- 
ble for large portions of the per- 

Paul Driver 

romance), that is hardly likely 
to have worried Rostropovich, 
for one. In most performances of 
this work which f have seen, 
however, a separate conductor 
for the chamber band has not 
■been deemed necessary. 

The music-making was strong 
and eloquent enough throughout 
the evening to ensure that Brit- 
ten's masterpiece worked its 
powerful emotional spell, yet 
there were few moments of over- 
whelming distinction, either 
from he soloists or the massed 
choral and Instrumental forces. 

Certainly not from the brass 
section - which was seriously 
sloppy in a passage of the Dies 
Irae which relies on them. There 
was a touch of routineness or 

sloppiness in the playing of most 
of tne sections; the boy choir 
was elegantly functional but no 
more; the main choir was sturdy 
but not momentous. A sense of 
occasion, wtiich one would have 
thought was all too readily avail- 
able (the date; the end of the 
Rostropovich series) failed to be 

communicated In strictly musi- 
cal terms, which is not to say 

that the performance wasn t 
moving ana fi 

fine up to a certain 

The soloists were an immense- 
ly distinguished team, singing at 
something less than their dra- 
matic and atmospheric best. 
Heather Harper had enormous 
authority - and a big beautiful 
sound - in the soprano role 
which she herself created at the 
work's premiere in Coventry Ca- 
thedral in 1962, but not quite the 
electric imperiousness or spark 
that one also listens for. John 
Shirley -Quirk's baritone contri- 
bution was one that seemed to 
rest on its laurels and be in need 

of the occasional and unforth- 
coming prod. In duet with Rob- 
ert Tear he lacked the dramatic 
immediacy supplied by the far- 
mer, whose performance * inci- 
sive in the extreme, heartfelt, 
vividly alive - afforded the even- 
ing's moments of real intensity 
and its chief interest. 

Krystian Zimerman/Barbican Hall 

Starting a piano recital after 
Sunday hmch with the four 
Schubert Impromptus D. 936 
seemed a risk, for those amiable 
pieces contain plenty of his mur- 
muring- brook music and little to 
seize a drowsy ear. In the cir- 
cumstances Zimennan took the 
most daring way with them: no 
very prominent sparkle or tricky 
personalising - not even in the 
"Rosamunde impromptu or the 
sprightly last one - but straight, 
fastidiously gentle exposition. 
The natural domestic scale of the 
pieces was nicely respected, 
without prejudice to their ex- 
pressive nigra and lows, which 
Zimennan simply set within an 
intimate frame. He contrived 
some lovely mother-of-pearl 
sounds in mezzo-piano, and with 
ids self-effacing care for exact 
musical sense the performance 
was constantly rewarding. 

Chopin’s last E major Noc- 

David Murray 

turne, treated in much the same 
way, sounded sincerely plain, 
maybe over-smooth (or at least 
under-suggestive) for this infi- 
nitely subtle music. Perhaps Zi- 
mennan is reacting against sub- 
jve readings of Cnopin, for 
F minor Fantaisie - once past 
an uncommonly slow, weighty 
introduction - was cool, swift 
and mostly strict- tempo, with 
the tiny central Lento delivered 
more like a chorale than a pri- 
vate re very. As a whole the ran- 
talsie was strikingly shaped, and 
yet felt too cautiously explored: 
one often longed for the more 
expansive, unguarded playing 
that the title invites. 

No reservations at all about Zi- 
merman's superb account of 
Liszt's B minor Sonata, though if 
you absolutely require thunder- 
bolts and malicious diablerie in 
the Sonata you might have 
missed them. In fact it was con- 

tinuously exciting (as tirelessly 
brilliant in the fast music, espe- 
cially the quasi-fugue, as one is 
likely to hear), with a grand dra- 
matic silhouette and no mere 

Zimerman’s taut concentration 
was unyielding, and he could 
convey Liszt's intense and vari- 
ous passions with rubato sternly 
rationed. If sardonic humour - 
any kind of humour - isn’t an 
evident component of the Zimer- 
man persona, the diamond glib 
ter of his presto passages dazzled 
better than any but the most su- 

S erior high- Romantic diablerie. 

ne of these days he may even 
achieve that; but the formidable 
virtues of this performance were 
more than enough to be going on 
with. The heartfelt Szymanowski 
encore he offered made one ea- 
ger to hear him in more of his 
compatriot's music. 

Annie Fischer/Elizabeth Hall 

It is three years since the Hun- 
garian pianist Annie Fischer 
gave her much-acclaimed Bee- 
thoven series in London. For this 
year's visit she has decided to 
return to the same composer and 
her appearances Include two solo 
recitals, of which this was the 
first, and a performance of the 
Emperor Concerto with the Phil- 
harmonia on Friday. 

As a Beethoven pianist, she is 
well equipped with thetempera- 
ment to tackle the music's strug- 
gling spirit head on and also the 
spontaneity to engage that strug- 
gle anew on each occasion. For 
all the passing of the yean no 
feeling of routine has come over 
her playing one can approach 
an Annie Fischer recital in the 
sure knowledge that the creative 

Richard Falrman 

fire will burn as brightly and as 
fiercely as it ever did. 

This is not to say, however, 
that time has left her untouched. 
Where, in the recent past, there 
may have been finger-slips that 
brought a few wrong notes, there 
are now handfuls of them; and 
in the blithe G major Sonata 
Op31 Nol, as the nuts of semi- 
quavers tumbled ova- each oth- 
er, ho* lack of control threatened 
to slide Into incoherence - not a 
danger that had seemed at all 
wonyingly imminent before. 

So it was with rather mixed 
feelings that one approached the 
Appassionato Sonata, the most 
demanding item on the pro- 
gramme. Yet here, happily, her 
artistry rose to an altogether 
higher level. The technical slips 

receded; and the pianist and her 
music met on equal ground, for 
this (of all sonatas) is an 
all-or-nothing piece ana at this 
stage of her career Annie Fischer 
is very much an all-or-nothing 

The first movement carried all 
before it with playing of im- 
mense -power and momentum: 
Then, after the relative calm of 
the Andante, the Finale (with 
repeat) .took up the attack again 
with even more urgent intensity. 
How different it was from Eari- 
Wild earlier in the year, all of 
whose force and energy hadleft 
the music unmoved. Here one 
ended the performance ex- 
hausted and triumphant, a sure 
sign that the Beethovenian colos- 
sus has been felled once and for 

Mitsuko Uchida/Festival Hall 

By now the cycle of Mozart pia- 
no concertos that Mitsuko Uchi- 
da is giving with the English 
Chamber Orchestra has well es- 
tablished its own distinctive 
character, bright and polished 
music- making, true to the classi- 
cal tradition, but always eagerto 
communicate. Nothing less, in 
fact, than one would expect from 
such a delightfully fresh plat- 
form personality. 

At Friday night's concert they 
arrived at the C Minor Concerto 
K49I. This is one of the great 
peaks of the whole cycle, a con- 
certo as disturbingly oppressive 
as any that this composer wrote, 
and uchida's playing registered 

November 6-12 

Opera and ballet 

London Festival Ballet st the The- 
atre des Champs Elysees (4720383) 

Houston Grand Opera withShsr- 
win M. Goldman, Pursy and Bern at 
the TMP Chatelet (4 


Bolta Deutsche Oner. Alvin Ailey 
American Donee Theatre; 

Hamburg StaateOper. Doc 
produced by Franz MariJnen 
nave Ltr premiere this week, the 
cast, including Paolo Montaraolo. 
Urban liahnbetg, Hellen Kwon and 
Kurt Strrit Zar und Zbworrnnann, 
is also in the repertory and The 
Nutcracker, choreographed by John 



The first British monarch 
known to drink malt whisky 
was George IV, said to drink 
"nothing else" but The Glenbvet,- 
Today, Scotland's first .. • 

malt whisky is also first choice 
in London. 

Scotland 5 first malt wkistjr- 

NeunuAer, b revived with Jessica 
Font, Jeffrey Kirk and Stafanie 
Arndt (361151). 

Frankfort Opera. Cosi fan tntte. pro- 
' dneed by Graham Vide and con- 
ducted by Gary BertinL In the main 
parts are Minuet Marshall, Diana 
Montague, Obf Bar, Hans Peter 
. BlochwUx Tom Krause and Mitsu- 
ko Shiral, Gluck's rarely played 
. [phigenie in Auris and Tphigenle 
auf Tauria round off the pro- 
gramme (26631) 

Cologne Opera. Die Meistasbifler 
. .von Numbers, with Nadine Se- 
cunde, Theo Adam, Matthias Holle . 

• and Robert Doafalvy. Abo a Festi- 
. vai Of Voices with Gabriela Beasc- 
kova Cap, Tatiana Troyance, Hose 
van Dam and Peter Dvoitky. PUiue 

• Dame In Rudolf Koelle’* production 
-and' One florentinlsche Tragpdie/ 
ffianid Schicchi. (20762) 

Stuttgart Worttembergisftes Bttat- 
stbeatre. Die Soldaten has Cm tn- 
y Shade, Mila- 
. ’off man, Guy- 

HirtB. Die Ent- 

fohrung am dem Serall stara Rrim- 
tina Laid, yasuko Kazaki, UweHril- 
arxd Bela 


rSehouwbanL The Intro- 
dam company in Ed wubbe's new 
choreography ^of Cannlna Burana 

Amsterdam Muriektheater. Donizet- 
ti's Don Paaquale performed by the 
Netherlands Opera directed by Ren- 
ate Ackermann. Bruno CampaneOa 
. conducting the Netherlands Phil- 
harmonic, with Henk Smit, Chris- 
tine Barbaux, William SiimgD and 
Ram Gimenm (Wed) (266 466) 

by James Levin with HUdegard 
Behrens, Timothy Jenkins and 
' Franco Zeffirelli's 

'osca^ conducted by 


MetropotitaaB Opera (Opera Rouse) 
The premiere of Fabrizio Mdanos 
new production of n Trovatore 
highlights the week. Richard Bon- 
ynge conducts, with Joan Suther- 
land, Fforenza Ccssott o and Luci- 
ano Pavarotti. Continuing are 
Franco Zeffirelli's production of La 
Boheme conducted by Julius Rudd 
with Roberta Alexander and Brian 
Schexnayder; Otto Schenk’s pro- 
duction of Die WaUraxe, o adu tt ed 

Elans Sotin; and 

production of Tc_ 

Christian Badea with Eva Mazton, 
Sherrill Milnes and Italo Tajo. Lin- 
coln Center (382 6000) 

New fork City Opera. The week 
features Jack Hofsto’a production of 
The Student Prince conducted by 
Paul GemSgnanl, with Leigh Munro, 
Dominic Cosaa and Jon Garrison in 
the title rote. The final production 
of the season starts, a double bill of 
Mozart’s The Goose of Cairo and 
Oliver Knussen's Where the Wild 
Things Are. (870 6570) T 

Jeffrey Ballet (City Center) The 
month long schedule continues 
with three premieres, Including a 
Robert Jeffrey Nutcracker, Nijin- 
sky's Le Sacre de Prtn tempo and 
Three Preludes by Ben Stevenson 
set to Rachmaninoff, along with 
Frederick Ashton’s La Flue Ual 
Garde* and nearly two dozen reper- 
tory favourites, rath St east of 7th 

ChSniSr FraUval of Song Ud 
Dance (Joyce) Troop of 40 aoo- 

bata, musicians and dancers do 
their stuff, including spinning 
bowls of water, horse beQ dance 
and higgling with fleet. 176 8th Av 
at If 


WaaUMton Opera (Opera House) 
The 32nd season opens with Romeo 
et Juliette conducted by Cal Ste- 
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ria Blast ana Nei] Wilson fn the title 
role, Kennedy Center (254 3770) 


Deutsche Oper Berlin, director Gott 
Friedrich, orchestra juried by 
Jesus Lopez Co bos. Die Walkure 
(Tue) Siegfried (Thur) Soloists In- 
clude, Catarina Ugengza. Julia Var- 
ady, Rene Kollo, Don Mclntvre, 
John Dobson. Tokyo Banka Kalkan 
(7268888) ■ _ 

Faria Opera Choreographic Re- 
search Group. (Wed, Thur) (381 

mann and Helmut Berger Tuna. 


Titrin Teatra Regia Siegfried, sung in 
, German, conducted by ZolttnFerico 
. ■ and directed by Gianfranco de Bo- 
da Scenery by AttUa Korea and 
. HMhim wi by fia ntrorn Call In the 
cast are .Boris Bakov, G«d Bren- 
' neis, Graham Clark, Heinz Haas 
Ecker and Otriifl WenlmL (M8.OO0) 
Meats Teatro Comunale. Cannen, 
sung in French, with Alteamse de 
Vaughn lirthe title role. Condocred 
by Hubert SoudanL Mascagnis LA- 
•,mleo Frta, conducted by Evelina 
Pido and directed by Mario Zanotta 


£43 per single column centimetre . 

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heightened sense or drama. 
Though the scale within which 
She views her Mozart remained 
intact, an additional power un- 
derpinned the climaxes, especial- 
ly in the more tempestuous of 
the finale's variations. 

What was missing was a com- 
parable range of expression from 
the orchestra. Some untidiness 
in the ensemble Is only to be 
expected when the soloist dou- 
bles as conductor; but, worse 
than that, the playing here was 
content to be neat (the first 
movement woodwind theme was 
pedantically clipped into shape) 
where one wants sympathetic 
phrasing- It was all a world away 
from the groundswell of intensi- 
ty that Colin Davis provided for 
Lupu with the same orchestra 

In the earlier, and much sim- 
pler, C Major Concerto K415 few 

demands o! this kind are made. 
This is music that looks relative- 
ly straightforward on the page 
and the pleasure to be had from 
Uchida's playing comes in dis- 
covering how much more (the 
range of tone colours, the variety 
of emphases) she can see in it. 
Indeed some of the solo pa*atg ps 
went too far there is no need to 
spin out cadenzas or decorative 
lead-ins to quite this extent. 

A couple of purely orchestral 
Items • the Serenata NoUurna 
K239 and Four Contredances 
K267 ■ completed an all- Mozart 
programme. In these Jose- Luis 
Garcia provided a firm lead from 
the first. violinist's desk, but sup- 
port on the whole was pretty 
limp. How. abrasive Hogwood 
and his original instrument col- 
leagues seem by comparison. 

Saleroom/ Antony Thomcroft 

Tricky times in Geneva 

The hoteliera of Geneva must be 
raising their glasses this week to 
the London auction houses. All 
the big three, Sotheby’s, Chris- 
tie's, and Phillips, have booked 
their public rooms for a spate of 
sales. And the new force in the 
international art market, Habs- 
burg Feldman, is also holding its 
first major series of auctions 
there, at the Noga Hilton. 

Judging by the first batch of 
auctions the hotel business is do- 
ing better than the antiques. 
Christie’s kicked off over the 
week end with sales of modem 
illustrated books and 20th centu- 
ry decorative arts (often a tricky 
market) and of wine ( usually a 
good one). In the event both 
sales did badly. 

The artifacts totalled £146,188 
(358,160 Swiss francs) with 39 
cent unsold, and the wine 
_ it in £127,911 with 36 per 
cent unsold. There was one high 
price, the £76,326 paid by a pri- 
vate European buyer for the au- 
tograph manuscript of Paul Ver- 
laine's ‘Poemes et proses*. A 
private American buyer secured 
a copy of Baudelaire’s "Les fieurs 
du mal* with some mildly erotic 
illustrations by Rassenfosse, for 
£14,367, but there was little in- 
terest in the art nouveau. The 
wine's failure was something of 
a pusle • high reserves met new 
caution, and only one decent 
price was paid, £2,469 for one 
bottle of the very rare Chateau 

Mouton Rothschild 194Q. 

Habsburg Feldman was also of- 
fering 20th century ait and mod- 
em illustrated books, and met 
some problems. Its star lot, an 
Internally decorated applied and 
engraved glass ewer known as 
"L'orge," by Gaile, estimated at 
over £ 60 , 000 , was unsold, proba- 
bly because it had been repaired 

Sotheby's sustained a blow 
when one of the choicest items 
in its auction of continental ce- 
ramics. a brown Bottger stone- 
ware teapot and cover of around 
1720, was smashed by an over 
enthusiastic potential buyer at 
the view. Since it was valued 
around £15,000 someone will be 
sweating. This apart the sale 
went fairly well, totalling 
£318,882, with just over 20 per 
cent unsold. 

Top price was the £21,915 paid 
by the dealer Kate Foster on be- 
half of the National Museum of 
Wales for a Vienna jardiniere (or 
flower pot) made In 1817 and 
decorated by the celebrated Josef 

Whisky salvaged from tHe 
wreck of the SS Politician, the 
inspiration for Compton Macken- 
zies's novel Whisky Galore, is to 
be sold by Christie's in Edin- 
burgh tomorrow. It was salvaged 
this year from the vessel which 
foundered in 1941 off the He- 
brides. Each of the eight bottles 
on offer is estimated at £250, but 
there is no guarantee that they 
will drinkable. 



Financial Times Tuesday November. 10 1W7 


Telegrams: Rnantimo, London PS4. Telex: 8954871 
Telephone: QF248 8000 

Tuesday November 10 1987 

A truce on 
Brazil’s debt 

A FLARE tJP of the Third 
World debt crisis is just what 
the world economy does not 
need in the wake of the worst 
turbulence in financial markets 
for six decades. 

In today’s special circum- 
stances, therefore, the interim 
agreement reached by Brasil 
and its commercial bank credi- 
tors is to be welcomed. By 
agreeing to finance two-thirds 
of the interest due between Oc- 
tober and January the banks 
have averted a costly downgrad- 
ing of their Brazilian loans. . 

For its part, Brazil has lilted 
its debt service moratorium and 
made encouraging noises about 
a rapprochement with the IMF. 
The mutual concessions repre- 
sent a step forward but are far 
from a resolution of the deep 
differences that still divide the 
two sides. 

The prospects for a long-term 
agreement next year are, at 
best, mixed. The authority of 
the negotiating team led by Mr 
Luis Carlos Bresser Pereira 
most be considered doubtfhl 
given the political turmoil in 
Brasilia and the weakening of 
support for President Sarney. 

Mr Pereira is doubtless seri- 
ous in seeking some form of 
agreement with the IMF but it is 
for from clear that detailed su- 
pervision will be politically ac- 
ceptable in present circum- 
stances. The likelihood is that 
the banks will have to accept 
the legitimacy of a home grown 
economic adjustment pro- 

Domestic demand 

It is hard to envisage what 
shape this will take. The Brazil- 
ian economy, following the foil- 
lire of the enuado plan, re- 
mains for from equilibrium. 
Inflation has surged to an annu- 
al rate of almost 200 per cent. 
The public sector deficit is 
soaring. Growth is slumping to- 
• wards 2 per cent at a time when 
GNP increases of 6 per cent a 
year are required just to keep 
pace with a rapidly expanding 
labour force. . 

The performance on visible 
trade has, admittedly, been im- 
pressive with the 12-month sur- 
plus rising towards SlObn - a fig- 
ure. reminiscent of precruzado 
plan out-turns. However, the 
stability of the surplus is open 
to question. If the Sarney ad- 
ministration is forced to con- 
cede the huge wage Increases 
being sought by vociferous la- 
bour representatives, domestic 
demand will surge again, as it 
did in 1086, and erode Brazil's 
ability to service debt. 

The reality that Brazil’s credi- 

tors may have to face Is that no 
government that is capable of 
holding power in Brasilia will 
be able to implement the kind 
of austerity measures necessary 
to stabilise the economy. Mea- 
sures may have to be taken that 
ease the short-run burden of 
Brazil’s external debt 

This does not mean that banks 
have to accept explicit write 
offs but it does mean that they 
may have to accept a restructur- 
ing of the debt that considera- 
bly reduces the short-run bur- 
den of interest Such a 
constructive reappraisal of the 
structure of Brazil’s liabilities - 
and those of other big debtors - 
is possible in the light of the 
much higher loan loss reserves 
announced last summer. 

Social unrest 

A substantial restructuring of 
Latin American debt burdens 
would greatly facilitate a return 
to economic stability in the re- 

As many academic econo- 
mists now concede, it is ex- 
tremely difficult simultaneous- 
ly to curb inflation, promote 
growth and meet heavy debt re- 
payments. Debt service obliga- 
tions drain savings out of do- 
mestic economies and 
compromise efforts to boost do- 
mestic investment At the same 
time, they impose demands on 
public sectors that cannot be 
met by taxation : the result is 
excessive money creation and 
accelerating inflation. This in 
turn causes explosive wage de- 
mands and considerable social 


A long-term solution to the 
Third World debt crisis is more 
necessary than ever following | 
the collapse of world equity ! 
markets and the recognition 
that the US most rapidly take 
steps to curb its imbalances. 

Given the Improbability of 
sizeable expansionary moves in 
the surplus countries, US ad- 
justment almost certainly 
means slower world g r o w th. It 
is thus possible that the positive 
impact of foiling interest rates 
will be outweighed for the debt- 
ors by a contraction of their ex- 
port markets and a renewed 
softening of commodity prices. 

. The industrialised countries 
are understandably absorbed 
by their own problems at pres- 
ent But if the global economic 
environment deteriorates they 
need to be ready to cope with 
defaults in the Third World. 
This requires a willingness to 
think strategically. Ad hoc 
deals such as that agreed with 
Brazil provide a breathing 
space, bnt not a solution. 

Road to reform 
in Tunisia 

ALTHOUGH THE new Tunisian 
president Mr Zine El Abidine 
Ben Ali, holds the rank of gen- 
eral in his country's army. It 
would be wrong to regard what 
happened in Tunis last Satur- 
day as a military coup. 

Article 57 of the Tunisian con- 
stitution specifically caters for 
a situation in which the state of 
health of the president no lon- 
ger allows him to continue in of- 
fice. Mr Ben Ali was carefiil to 
follow the constitutional proce- 
dure in asking the state procu- 
rator to declare that this situa- 
tion had arisen - having first 
folly consulted the government 
(of which be, Mr Ben Ali. was 
the head), the leadership of the 
ruling Socialist Destour Party 
and the general stall 

It was sad that President 
Bourguiba, the hero of Tunisia's 
national independence, should 
end his reign like this alter 30 
years and it should not have 
been necessary. In a democratic 
country Mr Bourguiba would 
have been obliged to stand 
down years ago. His slow de- 
scent into senility bas done con- 
siderable damage to the coun- 

As Mr Ben Ali rightly said, 
when announcing that he would 
seek a revision of the constitu- 
tion: The times in which we live 
cannot tolerate that someone 
should be elected president for 

It was refreshing, too, to bear 
the new president declare that 

7.5m Tunisians were mature 
enough to be enabled to vote for 
more than one party, and to 
read newspapers expressing 
different political views. That 
approach is all too rare among 
Arab leaders but will certainly 
be welcomed by the vast majori- 
ty of Tunisians. 

Austerity policies 

Implicitly, and rightly, Mr 
Ben Ali was admitting that the 
country's political institutions 
bad been outdistanced by the 
economic and social changes of 
recent years. Tunisians had be- 
come too sophisticated to ac- 
cept a system in which minis- 
ters could be appointed one day 
and sacked the next and power 
depended solely on the favour 
of one increasingly ailing man. 

Several factors encourage op- 

timism about the foture of a 
country which, though part of 
the Arab world, is in many re- 
spects closer to southern Eu- 

First, the new head of state 
has proclaimed some essential 
truths about the state of the 1 
country and has has spelt out in I 
no uncertain words bis desire to I 
end the monopoly of power ex- 
ercised by the PSD since 1957. 

Second, it is worth noting the 
quality and integrity of the se- 
nior ministers - especially the 
new prime minister, Mr Hedi 
Baccouche - in the government 
appointed on Saturday. Mr Ben 
Alt has given himself the means 
to conduct the policies which he 
says he wants to see implement- 

Great wariness 

Third, Tunisia was. long be- 
fore Mr Bourguiba, a tolerant 
society, open to western ideas. 
The former head of state's 'mod- 
ern ideas’ were much less a 
product of his own genius than 
of the country itself. 

Fourth, Mr Ben Ali has said 
he will hold to the traditional 
tenets of Tunisia’s foreign poli- 
cy, which could be described as 
one of hard-headed moderation 
where its peers in the Middle 
East are concerned, co-opera- 
tion with Algeria, great wari- 
ness towards Libya, and close 
links with the West, especially 
France and the US. 

Finally, that in turn implies 
that he is committed to push 
through the economic reforms 
initiated by Mr Ismail Khelil. 
now governor of the Central 
Bank, who for four years has en- 
sured much-needed stability as 
Minister of Planning. 

These reforms will be painful 
to implement but have the foil 
support of the IMF. the World 
Bank, and Tunisia's western 
and Arab friends. 

For much of President Bour- 
guiba's long reign Tunisia - 
North Africa’s smallest country 
- enjoyed an influence well be- 
yond what its population of 7.5m 
people would appear to dictate. 

If the new head of state suc- 
ceeds in injecting a measure of 
democracy into the body politic, 
and in improving the country's 
economic- performance, he will 
have a good chance of recover- 
ing that position. 

Although working practices in the UK car industry 
have been transformed, there is still a long 
way to go. Charles Leadbeater reports 

Ford (UK) 


tacbdw.ctts,;' . 



& “ ™ I Vauxhall 

Employment^? g 

UK's industrial relations man- 
agers will gather tomorrow In a 
drab. looking building in West 
London to discuss one of the 
British car industry's most sig- 
nificant wages and conditions 

Ford is seeking a three-year 
settlement Incorporating 
far-reaching changes to shop- 
floor practices, such as. team 
working and the introduction of 
groups akin to 'quality circles' - 
a technique which involves 
workers at all levels in discus- 
sions on raising standards. The 
talks will provide a crucial test 
of whether the company's drive 
to reshape work and production 
methods - mirrored by all the 
major UK producers - can be 
maintained, or whether the 
unions will baulk at forth er 

In the last three years, all the 
major companies - Ford, Vaux- 
hall (the UK volume car divi- 
sion of ' General Motors), the 
state-owned Austin Rover group 
and Peugeot Talbot -have trans- 
formed wor king practices. Pro- 
duction workers now have more 
responsibility for quality con- 
trol. They cany out a wider 
range of tasks, including simple 
maintenance, cleaning and en- 
suring a proper supply of mate- 
rials to their work stations, and 
work In different parts of the 
plant rather than in one place. 
And in the quest for greater ef- 
ficiency, skilled workers such 
as electricians and fitters are 
under pressure to work more 
flexibly - although foil multi- 
skilling is still rare. 

Bnt while companies believe 
in the importance of these 
breakthroughs, introduced 
against a backdrop of recession 
and dramatic manpower reduc- 
tions in the industry, they recog- 
nise that they are only the pre- 
lade to what must be a 
permanent revolution. 

As sft* John Hougham, direc- 
tor of industrial relations at 
■Ford, told union negotiators 12 
days ago when presenting them 
with the radical three-year of- 
fer: "Last time we negotiated on 
wages fin 1985) we baa traded at 
an operating loss in 1981, the 
culmination of a reduction in 
profits every year since 1979. It 
was a question of survival. 

.. 'As a result of what -we have 
been able to achieve together 
during the past 18 mouths, we 
believe we can allow ourselves 
a degree of cautious optimism. 
The trend is good, but we have a 
long way to go before we can 
feel really secure about our 
long-term fotnre.” 

Whether the UK volume car 

E reducers can turn early gains 
ito the foundations for perma- 
nent reform will be shown in 
the next few months. In parallel 
with Ford, Vauxhall is embark- 
ing on union negotiations to be 
followed by Peugeot Talbot and 
Austin Rover next year. 

International comparisons 
have forced UK operators to re- 
cognise relative weaknesses in 

English may be 
grounded . 

Not. the least of the results of 
the British government’s cur- 
rent parsimonious attitude to- 
wards space spending may be 
that English will -lose its status 
as the unofficial language of the 
European space community. 

That prognosis follows from 
events yesterday at The Hague, 
where ministers from the 13-na- 
tion European Space Agency 
met at the start of a two-day 
gathering to review the case for 
a large increase in agency 
spending over the next decade. 

Officials from France, which 
is Western Europe's biggest 
space power, -and which is ES- 
A’s biggest paymaster, have al- 
ways been miffed that English 
is the common working lan- 
guage among both -the 1,600 em- 
ployees of ESA and the Europe- 
an space industry in general. 

This may, however, be about 
to change - partly at least due to 
the political fallout of Britain's 
reluctance to increase its al- 
ready modest share of the ESA 

French officials at The Hague 
yesterday were pointedly even 
more reluctant than usual to 
talk in English. And the point 
was rammed home when Prince 
Clans, the senior male member 
of the Dutch royal family, for- 
mally opened the conference 
with a rather good speech 
made, not In English as had 
been expected, but in French. 

Royal show 

Prince Charles has every rea- 
son to feel satisfied about the 
prospects for an exhibition - 
generally believed to have been 
his own idea - which' is being 
held in Birmingham today. 

Two hundred young people - 
originally ’disadvantaged so- 

mentally or physically”, or just 
plain unemployed - who have 
set themselves up in business 
with money and advice from the 
Prince’s Youth Business Trust, 
are putting their wares on show 
at the National Exhibition Cen- 

So much Interest bas been 
generated that the list of buyers 
who have accepted -the invita- 

performance. The competitive 
advantage of Japanese produc- 
ers was familiar long before the 
opening of Nissan’s streamlined 
plant in the north-east or En- 
gland. Vauxhall, Ford and Peu- 
geot Talbot all had the yard- 
stick of their more efficient 
continental plants to show up 
deficiencies in the UK. . 

In the search to improve com- 
petitiveness, companies have 
sought a more sophisticated ap- 
proach to industrial relations. 
They believe that much im- 
proved communication with 
employees has been vita] in se- 
curing worker acquiescence to 

Workers at Peugeot Talbots 
plant at Ryton, near Coventry, 
were amazed when the compa- 
ny stopped the track for the first 
time, in 1980. to hold team brief- 
ings. Initially only a small pro- 
portion of workers believed the 
information supplied, but last 
year a survey found thai'80 per 
cent trusted what the company 

The greater openness has lent 
a more positive backdrop to the 
conduct of industrial relations. 
Mr David Young; head of indus- 
trial relations at Vauxhall, ex- 
plains: 'Unions will only press 
an issue if they have their mem- 

‘It used to be easy 
to hate managers. 
Now it’s more 
difficult because 
they are cleverer 9 

bers behind them. Workers will 
only get worked up over an Is- 
sue if they feel the company has 
done something wrong or un- 
derhand. The task for company 
communications is to make sure 
that workers know why the com- 
pany is doing what it is doing. 
As long as workers can see the 
justification for a change, it is 
unlikely they will take action 
over it Combined with the in- 
troductionof pr o st rikeh a l l ots, 

this f undamentally chang ed 

the anions* approach.* 

Union officials axe more am- 
bivalent about the significance 
of these communications pro- 

Mr Jimmy Airlie, the senior 
Amalgamated Engineering 
Union official responsible for 
Ford, says: It used to be easy to 
hate managers, really easy, be- 
cause they were so awful. It Is a 
bit more difficult these days be- 
cause they have become a bit 
cleverer. The company seems to 
have realised that you catch 
more flies with honey than with 
vinegar.' The sweetest part has 
been sustained growth in pay, 
driven by productivity bonuses 

on top of basic wage increases. 

However, the improvements 
have been accompanied by 
greater managerial assertive- 

Mr Norman Haslam, director 
of industrial relations at Austin 
Rover, says; 'Management abdi- 
cated responsibility for a lot of 

S in the 1970s, it was that 
gave onions such power. 
We have-had to become a lot 
clearer about our objectives.' 

The unions have contributed 
as well. Industrial relations 
managers talk of the growing re- 
alism both of national leaders 
and sbopfloorofficials. 

As Mr Airlie, of the AEU, puts 
LL *We have to take profitability 
into account when we bargain. 
It would be irresponsible not to. 
Better to have a job, and a job 
with a profitable firm, than no 
job stall.' 

Improvements in productivity 
have been impressive. Stic years 
ago. productivity at Peugeot 
Talbot in the UK was 30 per 
cent below French levels. Now 
it has caught up, despite a 30 
per cent increase in French 
productivity over the period. 
The company’s warranty repair 
costs have been halved by much 
improved quality. And indus- 
try-wide there hag been a dra- 
matic decline in the number of 
days lost through strikes. 

But there is still a long way to 
go. It takes 65 per cent more 
hours to build a Ford Fiesta, 
Escort or Sierra in Britain than 
in West Germany. Ford's British 
plants still require two and a 
half times more hours than the 
Japanese to build a comparable 

And over the next five years, 
pressure on UK car makers will 
probably increase; the Europe- 
an market may decline while 
Japanese manufacturing capac- 
ity in Europe increases. As 
Ford bas warned union negotia- 
tors: If vehicle assembly is to 
survive in Britain, it will be nec- 
essary to produce quality vehi- 
cles at foil capacity and at cost 
levels competitive not just with 
Continental plants but with the 
Japanese assemblers In Eu- 

The two main areas for far- 
ther change will be among 
skilled workers and supervi- 
sors. Hr Young says Vauxhall 
will have to "have a major go at 
skill demarcation lines.” Flexi- 
bility within , trades vih, be 
reinforced by flexibility be-; 
tween trades, with electricians 
learning electronics and me- 
chanical stalls. The company al- 
so wants to introduce a form of 
performance-related pay for 
skilled workers, judged on indi- 
vidual appraisals. 

But there are limits to how far 
this will go. Senior managers at 
Jaguar, the top-of-tbe-range 
manufacturer, believe that pro- 
ductivity gains will come from 
organising specialist workers 
more efficiently, rather than 
ft-nm m ulti-skilling 
This will increase the super- 
visory burden; says Mr Mike 

can & vans 

W- Output 

. W Peugeot 

T,OTsand: -IS? : Talbot 

: CBSORiy 

Wl ’ Output 

' 4 v ' 

V ■_ 

' Thousand - 


i 40/ ,f ''"Xa'300 
includes cars /. Employment 
vans 20 - -' ■ ■ r - -200 
i -. i960 -isas-; 



Men and Matters 

Judge, director of industrial re- 
lations and personnel atPengot 
Talbot: "Supervisors will have 
an absolutely crucial role in the 
foture a8realmini-nianagers on 
the shopfloor with responsibili- 
ty for controlling costs. Increas- 
ingly, they will have broader 
'spans of responziblity for areas 
of the plant, including different 
aspects of production, rather 
than narrow parts of the line.* 

Ford plans a complete over- 
haul of its supervisory struc- 
ture, appointing group leaders 
to carry out many of the routine 
overseeing tasks to free super- 
visors for a more managerial 

Mr Hougham, at Ford, sees a 
day when 'demarcation lines on 
the shop flow - among skilled 
Workers, between white collar 
and blue collar workers, be- 
tween supervisors and manag- 
ers; all those things that used to 
mark our organisations - will 
pass away-' 

But none of the changes can 
be taken for granted. ASTMS, 
the white collar union repre- 
senting most supervisors, says 
many companies have not faced 
up to the implications for pay, 
promotion, training gn d man- 
agement style,, .which follow 
from Infeqgxmteg aop<mristos 1h* 
to management " 

Ford’s radical offer, which in- 
cludes eventual harmonisation 
of terms and conditions for blue 
and white collar workers, has 
been seen by the manual unions 
as an attack on skilled workers. 
They would, for the first time, 
have to work on the production 
line alongside the semi-skilled 
and accept semi-skilled work- 
ers as group leaders. The com- 
pany’s suggestion for quality 
circles to discuss improvements 
In standards is also likely to 
meet with hostility from shop 
stewards, who fear this will nn- 

10 years in the late 1950s. 

In 1981, he was elected unop- 
posed for a second six-year 
term as directorgeneraL 

But daring his recent cam- 
paign. his management style 
came under increasing attack 
with many donor countries ac- 
cusing him of being autocratic, 
imperious, and egocentric. 

-demine their authority. Union 
officials predict extremely hard 
fought negotiations: the compa- 
ny’s offer was greeted yesterday 
with walkouts at Dagenham and 

And at .Vauxhall, pay talks on- 
ly got under way after a nine- 
day strike at the Luton plant 
over productivity bonuses. 
While the unions may in time 
accept a simpler negotiating 
procedure, moving towards sin- 
gle bargaining units .for blue 
and white coRar workers, there 
is ho, suggestion that they will 
become 'company unions'. 

The unions are also drawing 
up their own agenda. In the 
claim submitted on behalf pf 
Ford's 32,500 manual workers, 
negotiators tacitly accept that 
there will be moves towards 
greater flexiblity. But in return 
they want harmonisation, of 
terms and conditions, a cut In 
the working week to 37 hours Gn 
line with a recent agreement 
reached in West Germany) and 
an employment security deal 
like that achieved by the United 
Automobile Workers in the US, 
based on a jointly run training 
programme to ease redeploy- 

Mr Paul Talbot an ASTMS na-j 
titySkl "At the end* 

of flie dayi we frabnt employment 
security provided by a commit- 
ment from the companies to 
manufacture more in tiie UK* 

Will the improvements sp far 
achieved to the relationship be-, 
tween management and . unions 
be enough to improve the posi- 
tion of the UK industry, or will 
much more radical change be 
needed? . . 

' All theforeign-owned compa- 
nies have started to produce 
more in the-UK. Peugeot Talbot 
is investing an extra £30m to 
produce its new 405 model at 
Ryton. Over the last four years 

Ford has invested an average of 
£220m a year and plans farther 
.tranches. But the more competi- 
tive exchange rate of sterling 
over the period has as much to 
do with this as changes in indus- 
trial relations. 

An indication of what might 
be needed to attract major in- 
vestment has come from two re- 
cent agreements. A division of 
Ford of the US has decided to 
build an electronics compo- 
nents plant near Dundee, Scot- 
land, on the basis of a single 
union agreement with the AEU, 
which had come to a similar ar- 
ringeajent with Nissan over its 
plant in foe north-east. 

The resolute multi-unionism- 
of the car industry makes it un- 
likely that such deals will 
spread. But as other unions at- 
tempt to win recognition at the 
Dundee plant, , they may well be 
forced to make concessions 
which will affect the rest of the 

Perhaps most significantly. 
General Motors has incorpo- 
rated the benefits of single 
union, deals into a multi-union 
bargaining stiucture. This gum- 
mer, the threat of closure of its 
van plant at Lnton forced the 
unions toupecept w greatly, sim- 
plified grading Structure; com- 
plete worker flexibility within 
teams, the introduction of tem- 
porary labour and an arbitra- 
tion ■ procedure designed to 
make strikes a rarity. A compa- 
ny council, comprising manage- 
ment and union representa- 
tives, handles negotiations for 
both white and blue collar 

The agreements to be signed 
within the next year will signal 
whether change will come 
tiuough negotiation, or only 
through a crisis - in the form of 
Intensified competition from 
the Japanese and Koreans. 

tion to look around would be 
the envy of many a professional 
trade show. Just about every 
prominent retailer in the coun- 
try, from Fortoum and Mason to 
Tesco, will be represented. 

About 60 of the stands are de- 
voted to fashion but a wide 
spectrum of activities is cov- 
ered,indudtog that of one 
young man’s enterprise, a com- 
pany called. Crawlies, which 
breeds and sells such things as 
scorpions, giant millipedes, red 
velvet mites^piders and Afri- 
can grasshoppers. 

Not quite ’ Fortnum and Ma- 
son’s cup of Earl Grey, perhaps, 
or mine, but the 25-year-old 
budding businessman responsi- 
ble, Stephen Hurley, from Dud- 
ley. seems to be making a suc- 
cess of it 

Third term 

Edouard Saouma, who was 
re-elected yesterday as direc- 
tor-general of the United Na- 
tions Food and Agriculture Or- 
ganisation (FAO), is a short; 
dapper, and tough Lebanese 
who overcame fierce criticism 
from several donor countries to 
obtain an unprecedented third 

lii his 12 years as FAO chief 
Saouma has presided over the 
agency during one of its great- 
est challenges - the 1984 Ethio- 
pian famine, the worst in Afri- 
can history. 

Some seven million tonnes of 
food were amassed worldwide 
for the emergency, and the 
agency helped organise a 9250m 
recovery programme for 25 
drought-stricken countries in 

But Saouma's critics, notably 
Canada, said the director- gen- 
eral was too slow in approving 
emergency relief for Ethiopia 
and did not take the lead in the 
relief effort as it had in the 

Jury rig 

Since quitting the woolsack. 
Lord Havers, the former Lord 
Chancellor, has highlighted the 
value of the FT to those who 
want to escape the rigours of ju- 
ry service. 

The formula he recommends 
is to turn up in a smart suit 
witha copy of the FT under your 
arm - and a peremptory chal- 
lenge by the defence is reason- 
ably certain to follow. 

So that none of our readers is 
misled it might be as well to re- 
member the old ma xim - legal 
advice is worth what you pay for 
it They should also note that 
the right of peremptory chal- 
lenge is set to disappear when 
the Criminal Justice Bill be- 
comes law. 





\ Md Wales 
offers you a new 
opportunity to 

Each way bet 

-On behalf of B.Cal and 
AJV.Otber may I welcome you 
aboard this flight—* 

Alter his election to the post 
in 1976, -Saouma worked to in’ 
crease FAO’s role in develop- 
ment, reduce administrative 
costs, and streamline decision- 

The US State Department, de- 
spite its open support for his 
election rival. Benin's Moise 
Mensah, acknowledged Saouma 
had ’done an excellent job man- 
aging the organisation and 
keeping internal programme 

Saouma also took credit for 
instituting World Food Day in 
1979 which on every October 16 
publicises the work of the 
world’s small farmers, foresters 
and fishermen. 

A graduate in agricultural en- 
gineering and agricultural 
chemistry and a linguist, Saou- 
ma represented the Lebanese 
government at FAO for almost 

The latest investment recom- 
mendations from the bank stock 
analysts at -Barclays de Zoete 
Wedd are most interesting. 
Their Banking Bulletin advises 
holders of Lloyds Bank shares 
to switch Into Midland Bank. 
Yet on another page Midland 
shareholders are advised to 
switch into Lloyds, The crash 
has evidently opened up some 
unprecedented trading oppor- 


The Japanese are evidently as 
sceptical about the true value of 
Permanent Secretaries - the Sir 
Humphrey Appiebys . who . run 
the Civil Service - as are addicts 
of Yes, Prime Minister. Malcolm 
Rifkind, the Scottish .Secretary, 
told a Scottish audience last 
week that on his recent trip to 
Japan, the Japanese interpreter 
translated Permanent Secre- 
tary as 'everlasting typist*. 

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- \ 

Financial Times Tuesday November 10 1987 

Ireland has been dazed and horrified by the events at Enniskill en. 
Hugh Carnegy looks at the aftermath of the bombing 





IT IS NOT often that spokesmen 
for Sinn Fein appear rattled by 
theections of the IRA. 

Host IRA shootings, bombings 
and other attack* in Northern 
Ireland are catalogued in tri- 
umphant terms in Republican 
News, the party weekly, under 
the headline War News, 
reflecting the closeness of the 
sister organisations whose 
memberships In many shadowy 
cases overlap. 

For most of yesterday, howev- 
er, officials of Sinn Fein.- the 
IRA’s political wing -from Pres- 
ident Gerry Adams downwards, 
were either avoiding' making 
comments on Sunday’s brutal 
Remembrance Say bombing in 
Enniskillen or spluttering sym- 
pathy fbr the Victims: ‘ 

More than 24 hears alter the 
event, the IRA finally admitted 
responsibility, offering deep re- 
gret at the 'catastrophic conse- 
quences' of a bomb it said blew 
up without being triggered. It 
suggested British, army electri- 
cal scanning devices might have 
set it off and said the device was 
intended not for civilians but 
"crown forces!'. 

This, and Hr Adams’ state- 
ment that he regretted the 
bombing “very much', will come 
as no comfort, to the victims of 
the explosion and their friends, 
to whom he offered condo- 
lences. But the XRA/Sinn Fein 
reaction is significant. 

Such public apologies are 
very rare, the last coming when 
an IRA unit planted a bomb out- 
side Harrods store in London 
just before Christmas in 1963 
killing six people. 

The convention is that figures, 
like Mr Adams do not. In efllect. 
criticise IRA actions As he said 
of IRA dead in his speech to the 
annual Sinn Fein conference in 
Dublin at the beginning of the 
month: "We will never desert 
those volunteers in life or 
death. Is it too little to ask that 
in the coming year we advance 
the straggle in which they 

But as the Sinn Fein reactions 
to the bombing suggest, the re- 
cent publicly proclaimed strate- 
gy for 'advancing the straggle" 
does not stretch to outrages as 
awful as lfoinigMib-o. The dis- 
tinction is a fine one but it. is 
important within the gruesome 
world of the IRA.. 

The IRA has avoided indis- 
criminate iri Hi ng of civilians for 
some years, concentrating In- 
stead on what it can character- 
ise as military targets or agents 
of British rale such as. Lord Jus- 
tice Gibson, killed with his wife . 

in a eat - hnmK M««t wrlipi- thla 

yean ■- 

. Killing and maiming civilians 
was reckoned to hinder the Re- 
publican cause because - as 

i-nmmpnhitnn i axe ntiatiEmm m 

in believing will happen after 
Enniskille n - such actions alien- 
ated many Irish 
who otherwise were aympathet- 

Sinn Fein’s 
heart of 

ic to the IRA. 

A key element to the recent 

thrust of Sinn FeinffBA policy 
has.been the building of a wider 
Conventional political base 'by 
championing welfare and other 
Issues in the North and espe- 
cially In the Republic, where 
Hr Adams Is keen to broaden 
Sinn Fein su pport despite its 
dismal showing in last Febru- 
ary’s general election. This can 
hardly be done if the IRA is in- 
volved in the murder of inno- 
cent civilians. 

Nevertheless yesterday’s 
statement wiR not dispel specu- 
lation that there are tensions 
within the IRA' aver tactics. Hr 
Adams and his supporters have 
always had to perform a deli- 
cate balancing act In pursuing 
H»pjy joint 'armalite «nH ballot 
boor policy because of pres- 
sures from hardliners that the 
political campaign inevitably 
saps military energies. The se- 
ries of setbacks suffered by the 
IRA in recent months must have 
exasperated many of Its “volun- 

The year started well for the 
IRA. In the first few months of 
1967, after reorganising in Bel- 
feat, the IRA mounted a more 

Roles in the 

From Mr Austen BamSton 

Sir. The article (November 2) 
on company chairmanship high- 
lighted once again the confu- 
sion over the roles and func- 
tions of board members. 

In broad terms there has been 
a shift during the history of the 
joint stock company. Once the 
norm was a board .primarily 
representing shareholders’ in- 
terests who appointed a general 
manager answerable to them 
for the well-being of the busi- 
neas.Now it ismudunorecom- 
moh to have a boardroom domi- 
nated . by an executive team 
whose management function 
leads them to view the share- 
holders’ interests as but one set 
of fee tors to be considered in 
the busings strategy. 

This is the context of the de- 
bate over the appointment and 
functions of non-executive' di- 
rectors, and the ambiguities in 
the role of the modern chair- 
man. Attempts to resolve the po- 
tential conflict between the two 
roles of the board, as manage- 
ment and as shareholders’ rep- 
resentatives, generally involve 
recourse to American practice. 
This overlooks the alternative 
approach, based on the Europe- 
an model, of the dual board 

In this latter case the func- 
tions are clearly separated be- 
tween a supervisory board and 
a management ' board. This al- 
lows each board to achieve spe- 
cific goals in its well-defined ar- 
ea of activity. It avoids imposing 
confusing, where not directly 
conflicting, demands on indi- 
viduals without constraining 
their achievement of the specif- 
ic ends of their particular board 

I would suggest that the solu- 
tion is not solely a matter of bet- 
ter statutory definition of the 
duties of boards,, of the obliga- 
tions of specific types of direc- 
tors, or of the ' role of the chair- 
man. It is more fundamentally 
an examination of the conflict- 
ing responsibilites currently 
imposed on a single board. Sep- 
aration of powers might in feet 
be the better American model 
to follow - which in this case is 
more clearly achieved by our 
European neighbours. 

A Hamilton, 

332 SUmbeck Road, 

Deeds, West Yorkshire 


From Ur Erie Chalker -■ 

Sir, Commenting on the chair- 
manship of the Conservative 
Party, Peter Riddell writes (No- 
vember 6) that Mrs Thatcher h as 
a choice between Someone in- 
side the Cabinet or someone 
outside. There is a third choice, 
however. ... 

Mrs Thatcher conld decide to 
bring to her own party the same 
democracy nnf l accountability 

concerted series of attacks 
across the province that it had 
for some months. Then thing s 
began to go wrong. In Hay, eight 
IRA men, including some senior 
gunmen, were killed in an am- 
bush while attacking a police 
station at Loughgall In County 
Armagh. The security forces 
have uncovered several tonnes 
of arms on both sides of the bor- 
der and the IRA has lost 13 men 
refer this year. 

This month, a shipment of 150 
tonnes of arms destined for the 
IRA was intercepted by French 
customs on the coaster Eksund 
off the French coast Mean- 
while, the Royal Ulster Con- 
stabulary has continued to in- 
tervene at ftinerals of dead IRA 
men to prevent shows of arms • 
a source of Ihiy within the or- 
ganisation. The latest Republi- 
can News devoted four pages to 
clashes with the RUC at the fu- 
neral last week in Londonderry 
of senior IRA gunmen Paddy 
Deery and Eddie McShefflrey, 
killed by their own car bomb. - 

The. mi H ng « in Enniskillen 
can well be classified as anoth- 
er setback for the IRA The 
bombing came hard on the 
heels of an extraordinary kid- 

. ji-.j . -.■»! fK.-;. I 

wp V*' '!*» -.ah- SV 1 "• Tjr'*! •JfV* LA tidt C XII 

Letters fb fheMHor ^ 

nap escapade in the Republic 
carried out by a former IRA 
man, Dessie O’Hare - who, al- 
though no longer a member of 
the organisation is still per- 
ceived as being linked to the 
Republican movement 

The O'Hare gang’s treatment 
of dentist John O’Grady, hack- 
ing off his little fingers with a 
hammer and chisel and then 
fleeing from the police in a se- 
ries of violent incidents, caused 
a wave of revulsion in the Re- 
public against violent repnbli- 
canism - revulsion now com- 
pounded by Enniskillen. 

Dublin has been dared, fright- 
ened and horrified by these 
happenings as never before, ac- 
cording to a senior official at 
the Foreign Ministry. 

. Crucially, from a British point 
of view, the killings have helped 
swing opinion on the key issue 
of extradition, which previously 
threatened to damage relations 
between Dublin and London in 
the approach to the two year an- 
niversary of the Anglo-Irish 
Agreement on November 15, 

The Fi anna Fail government 
of Mr Charles Haugbey has 
faced opposition to ratification 
of new extradition laws de- 
signed to smooth the process of 
extraditing republican gunmen 
to the North, due to come into 
effect on December L A few 
weeks ago the feeling was that 
Hr Haughey (somewhat reluc- 
tantly given his desire to keep 
relations with Mrs Thatcher 
sweet) would bow to that pres- 
sure and block the bill which 
London re earnestly wants im- 

Now the chances are much 
better that it will go through on 
a wave of horror at the excesses 
oF republican violence, al- 
though officials caution that the 
issue is not determined yet 
Dublin remains ijiataHtfind 
over the linked issue of judicial 
reform in Northern Ireland. 
What Irish offi cial s regard as 
"the painfhl rate of progress” in 
reforming the one-judge, non- 
jury courts by Britain still sticks 
in the Dublin craw. 

In whatever direction the po- 
litical ripples from Fniiinltilfgw 
spread, the Unionists in North- 
ern Ireland know better than 
anyone that 1967 has been a 
grim year. Some 87 people have 
died in the north so Car this 
year, compared with 61 in the 
whole of 1986L 

For two years, Unionists have 
complained, more in anguish 
than with relish, that the An- 
glo-Irish Agreement has felled 
in its aim of improving security. 
The statistics, and especially 
the ghastly scenes in Enniskil- 
len, give their isolated cry cred- 
ibility. The two governments 
face a hard task in making their 
two-year-old promises to the 
Unionists stick. 


vnil'tr- -*» 

■ i: v -A : • 

that she dearly feels, ts re nee- 
essary for other organisations. 
She could give up the antique 
Tight* to make the appointment 
herself and hand it over to. the 
Party’s Central. Council,, as the 
Charter Movement has long ar- 
gued should be the case. 

The Central Council, which 
brings together officers of the 
constituency associations, par- 
liamentary representatives and 
Party- p ro f e ss ionals. * is -ideally 
suited 'to make' the choice of 
Party Chairman. 

That, representatives of the 
membership of the Party should 
choose lhe Party Chairman was 
right in principle Oven when the 
position was commonly seen un- 
der its correct title of “Chair- 
man of the Party Organisation*. 
Now that it is widely seen, as 
Peter Riddell describes it, as 
•Chairman of the Party” (which 
even Kr.Tebbif uses on his note- 
paper), there is no justification 
whatever for keeping this as 
some kind of sovereign appoint- 
ment. .. . 

21 Ingletide Close, 

Beckenham, Sent 

Japanese car 

From Mr Algsdcdr Smith 

Sir. -Your a ccoun t of my re- 
marks at the CEPR lunchtime 
meeting on November 3 is in- 

I did not claim, as you report, 
that after the removal of volun- 
tary export restrictions (VER) 
"car prices would be lowered by 
11 per cent' In my talk 1 noted . 
that the current Japanese share 1 
of the UK automobile market is 
11 per cent 

Our research suggests that re? 
moving the VER would reduce 
Japanese ear prices in the UK 
by about 7J per cent and re- 
duce the prices of non-Japanese 
cars byaomewhat less than this. 
Perhaps more important than 
the foU effect of removing the 
VER is the comparison of the 
-YER with import restrictions by 
tariff Yon report our estimate 
that the VER is twice as costly a 
method of protection as the 
'equivalent* tariff; but it should 
be emphasised that the extra 
cost of flie VER comes not only 
from the feet that it pushes up 
the prlees that Japanese Anns 
may charge for their cars, but 
also from the feet that other 
firms are able to charge tighter : 
prices because of the limits 
placed on potential competition 
from the Japanese: There is a : 
more general message -about I 
the danger of market-sharing 
arrangements as an instrument 
of trade policy. 

Alasdair Smith, 

Centre for Economic Policy 

6 Duke qf York Street, SW1 

Investing in 

From Mr W.R.B. Orchard 

Sir, The objections from in- 
dustry to the Government in- 
creasing the rate of return re- 
quired on the CEGB’s capital is 
astounding. For capital projects 
with a BSLyearJife, a 5 percent 
rate of return represents a pay 
back of 14 years on capital. No 
industrialist would consider 
such a pay back appropriate for 
one of their investments, so why 
should our national capital re- 
sources be misallocated to in- 
vestment in electricity supply 
with such appalling returns? 

In Energy Efficiency Year. 
Peter Walker identified many 
areas where demand for elec- 
tricity and other feels in indus- . 
try could be reduced, including 
options such as on-site genera- 
tion in the combined heat and 
power, mode. .Many CBI mem- 
bers would not undertake these 
measures to reduce demand un- 
less they showed a one to three 
yearpay back period. 

Public, investment in electric- 
ity generation Is at present a 
mutiloeation of public money. 
The Government would get a fer 
better return on the capital by 
offering industry a 50 per cent 
grant to invest in the many six 
and seven year pay back, local 
generation, schemes that indus- j 
try is not pursuing, than by al- 
lowing the CEGB to invest in 
new power stations with 14 year 

The losses fee CEGB makes 
on supplying electricity to large i 
consumers, pricing it on hypo- 
thetieal imported coal, go Into ■ 
their non-marginal energy 
charge- which. is spread across 
consumers in general who reb- 
sidise large indnstiy. If we want 
lower electricity prices, the key 
Is a lower cost- of coaL If we 
want better allocation of capital i 
t resources, then Nigel Lawson 
< should not be satisfied with a 5 
per cent real rate of return on 
■capital for the electricity sup- 
i ply industry: he should set the 
sort of rates of return that in- 
dustry itself demands on new 
projects, which are between 8 
per cent and 30 per cent 

If the Government required 
-the CEGB to present a profit 
and loss account for each of its | 
past station projects,- the public | 
would have a better idea of -the ; 
CEGB’s successes and disasters, j 
The major-benefit of privatise- ; 
don would be that at present 
the disasters are paid for by 
electrieity consumers, whereas 
with private sector-led ventures 
the investors in the project 
would gainor lose. 

W.R. BL Orchard, 

3. North View, 

Wimbledon Common, SW19 

! ONE OF THE traditional activi- 
ties of the members of the Nato 
alliance is that of whistling in 
the dark: sometimes they do it 
in unison, and sometimes In 
harmony, but always very ear- 
nestly. Last week in California, 
however, they gave a perfor- 
mance which rang so discor- 
dantly false as to be almost cora- 

The Atlantic Alliance Is faced 
with the immin ent prospect of a 
summit in Washington, at which 
Mr Reagan and Mr Gorbachev 
will mark a new phase in the 
post-war history of East-West 
relations by signing an agree- 
ment to do away with a whole 
category of Intermediaterange 
Nuclear Force (INF) missiles 
based in Europe. But instead of 
rejoicing at the peaceful impli- 
cations of this great act of 
statesmanship, the allies go 
round sounding as if they had 
swallowed a battery of fevered 

President Reagan tried to 
console his European allies for 
his triumph in the gentle art of 
arms control, by promising 
them that the US commitment 
to the defence of Europe was 
still, after all, "unshakable', and 
continued to rest on Washing- 
ton’s "steadfast nuclear guaran- 

Coming from a President who 
has done his best to call in 
question the morality of nucle- 
ar deterrence, and who was os- 
tensibly prepared a year ago at 
Reykjavik to negotiate the re- 
moval of all ballistic nuclear 
weapons, such assurances may 
have at best an uncertain value. 

Bat Mr George Younger, the 
British Defence Secretary, took 
a grip on himself, rose manfully 
to the strains of the occasion, 
and announced to the world at 
large and to his European col- 
leagues: "It is now up to us to 
make clear that we strongly sup- 
port the INF deaL” The newspa- 
per accounts tactfully did not 
actually state that he choked 
back a sob or two, but the very 
words betrayed the effort of 
putting loyalty to the Americans 
above his regret at the loss of 
the Euromissiles. 

In reality, of course, the Euro- 
pean Nato Ministers were giv- 
ing an eloquent practical Indi- 
cation of how much they 
genuinely supported the pro- 
spective agreement, because 
the purpose of their meeting in 
Monterey was to discuss wheth- 
er they could circumvent the 
Euromissile agreement by mod- 
ernising or introducing other 
types ofnuclear weapons. 

Their conditioned reflex Is 
understandable. For the past 20 
years Nato has worked on the 
premise that it most deploy a 
gamut of shortrand medium- 
range nuclear weapons to com- 
pensate for the Warsaw Pact’s 
conventional superiority; for 
the past eight years it has been 
working towards a variant of 
this premise, to the effect that 
medium-range weapons In Eu- 
rope may be preferable to very 
short-range weapons. Suddenly 
the superpowers have pulled 


Europe pines 
for the good 
old days 

the rug from under these two 
premises, and the Ministers and 
the military are struggling to re- 
construct a replacement for 
what they had before. 

If there is military and practi- 
cal logic in a ladder of nuclear 
escalation, which extends from 
battlefield artillery through 
short-range and medium-range 
missiles to central strategic 
systems, then the military plan- 
ners are right to be disturbed if 
the whole of one rung of the lad- 
der is abruptly whipped away. 
For this reason, many people 
believed that a stand-alone Eu- 
ro missile deal wonld make no 
sense to the military planners 
of either superpower. 

terrifying confrontation - but 
which did not fundamentally al- 
ter the essentially aggressive 
terms of the East- West relation- 

It on the -other side of the 
mirror, Richard Nixon had pro- 
posed and Leonid Brezhnev had 
accepted, a Euromissile deal 
like the one we face today, no 
doubt it would have been wel- 
comed as a statesmanlike con- 
tribution to the process of de- 
tente: it would have enabled the 
superpowers to contain their 
confrontation, but would not 
have fundamentally altered a 
relationship which had become 
less overtly aggressive than in 
the 1950s and 1960s, but was still 

lan Davidson finds America’s 
allies short of a coherent 
response to nuclear disarmament 

In the end, however, political 
imperatives prevailed over mil- 
itary logic. A Euromissile deal 
was easy to define, quick to ne- 
gotiate, and seductive to dis- 
play: both Reagan and Gorbach- 
ev needed it 

This victory of the political 
imperatives of the superpowers, 
makes the specifically and in- 
sistently nuclear obsessions of 
some of the European allies 
look not merely out of step but 
out of place, a belated attempt 
to twist the clock back to the 
good old days when Europe 
could rely both on the 
Americans and on nuclear de- 
terrence to maintain the East- 
West balance. 

When John Kennedy sealed 
the settlement on the Cuba cri- 
sis with an unpublicised prom- 
ise to match the removal of So- 
viet medium-range missiles 
from Cuba by a removal of 
American missiles from Turkey, 
anyone who knew thought it a 
wonderfully statesmenlike ges- 
ture which helped bring the 
world back from the brink of a 

one of potential violence. 

Today, the political implica- 
tions of the Euromissile deal 
are much more significant than 
either of these historical or 
imaginary instances - or at 
least, they may be - and it is the 
indeterminate chasm of uncer- 
tainly between 'are” and 'may 
be", which makes it so difficult 
for the dependent European 
members of the Atlantic Alli- 
ance to know how to respond. 

As a result of this uncertainly, 
however, European members of 
the Alliance seem to be react- 
ing in neurotic and in fen ti list 
ways, by proclaiming ever more 
loudly their feith in the doc- 
trine of nuclear deterrence, and 
by calling ever more insistently 
on the US to stand by its Euro- 
pean commitments. 

These reactions are neurotic, 
because if Europe has a mili- 
tary problem, it is increasingly 
Implausible to suppose that it 
can be simply handled by a nar- 
row reliance on nuclear weap- 
ons, let alone by a narrow reli- 
ance on a particular category of 

nuclear weapons. It is true, as 
the British and French govern- 
ments never slop reminding us, 
that the West will need nuclear 
weapons for deterrence as long 
as there are nuclear weapons 
on the other side. But for better 
or for worse, the world has 
moved on, and it is no longer 
possible to subscribe to the sim- 
ple belief that nuclear weapons 
are a cheap and easy way to 
guarantee national security. 

Part of the undermining of 
feith in the utility of nuclear 
weapons can be laid at Re- 
agan's door - Star Wars, Reykja- 
vik, and all that But most of it Is 
attributable to the twin feels of 
superpower parity and prolifer- 
ation, and the harsh reality that 
neither side has been able to 
devise a plausible scenario for 
using nuclear weapons. 

At the same time. Europe’s re- 
actions are infantilist because 
its repeated demands for reas- 
surance from the Americans 
are irrelevant to the real prob- 
lem. In strategic terms, the idio- 
syncrasies of President Reagan 
can now be discounted. Star 
Wars was an immensely danger- 
ous dream, and it may become 
dangerous again: but for the 
moment it is being stymied by 
its cost, by its absurdity and by 
the Senate's concern for arms 

The European-American rela- 
tionship is again what it was: 
immense mutual commitment, 
with an immense question mark 
over the nuclear element of that 
commitment; but as Henry Kis- 
singer pointed out ten years 
ago, it Is no good calling on Dad- 
dy to repeat promises he cannot 
possibly mean. 

By contrast, it is the other 
side of the East-West relation- 
ship which has changed radical- 
ly in terms of dialectic, and may 
have changed fundamentally in 
terms of objectives. For Mikhail 
Gorbachev, the Euromissile 
deal is not so much a way of get- 
ting rid of those threatening 
Pershing Us, as a part of a lar- 
ger foreign policy campaign. 

Optimists may hope he is a 
convert to peaceful internation- 
alism, pessimists may fear that 
his peace offensive is just a 
more seductive way of pursuing 
the old offensive objectives. But 
in either case, there is no sense 
in making a big public fliss 
about the importance of nucle- 
ar deterrence, when Europe is 
profoundly divided over the 
role of nuclear weapons. 

The Alliance is manifestly 
short of a coherent strategy for 
responding to Mikhail Gorbach- 
ev’s fancy footwork: and within 
the Alliance the Europeans 
have yet to give any impression 
that, if his political maneuver- 
ing were to succeed in levering 
open a great crack between Eu- 
ropean and American interests, 
they would be able to get their 
collective act together. That 
would be real deterrence. But 
so Ear, the loudest noise we hear 
is the discordant croaking of 

-Tj. - ST* -jsisr'w — <» 

■j: 's m " :. 

From Mr Aleksa GaorUomc 

Sir, Judy Dempsey’s article on 
the events in Kosovo' (October 
22) may give the impression that 
the reaction of the Serbs was 
preciptitous. The Kosovo prob- 
lem is long-standing and the 
Milosevic-Favlovlc dispute 
should not be allowed to cloud 
the issues. The Serbian attitude 
has been best expressed in an 
open letter signed in January 
1966 by 200 prominent citizens, 
members of the Serbian Acade- 
my of Sciences and Arts, Urri- 
^versffy professors, authors; sci- 
entists and artists. The letter 
reviewed the situation in an ob- 
jective way and asked that all 
citizens, the Albanian majority 
and the Slav minority, should 
have eqnal rights, due to all citi- 
zens of Yugoslavia. 

Ms Dempsey writes that the 
Republics of Croatia and Slov- 
enia advocate 'a long term sta- 
ble integration of Kosovo de- 
mands*. The problem is how to 
achieve that when the Alba- 
nians are not prepared to ac- 
cept anything less than 'an eth- 
nically pure Kosovo”; 30,000 
Serbs were forced to leave their 
homeland in recent years. It is 
difficult to see how the Yugo- 
slav Government could allow 
this to continue and at the' same 
time safeguard the unity of the 
country. Considering that Bul- 
garia has never abandoned its 
claim oh Eastern Serbia and 
Macedonia and the Albanians 
have aspirations beyond Koso- 
vo, a strong and united Yugosla- 
via is needed if peace is to be 
maintained in the Balkans. 

Aleksa Gavrilovic, 

3 Rowley Avenue, 

Stqffon l 

BP loyalty 

From Mr IX W. Moss 

Sir, Mr Michael Pflch’s plea 
(letters, November 4) for an in- 
crease in the loyalty bonus from 
a level of 1 for 10 to 3 for 10 is 
arguably as immoral' as indulg- 
ing in persuasive advertising, 

before the event 

Surety, we must all be respon- 
sible enough to act within the 
rules of the game as known be- 

Trade Finance and the 
Deutsche Bank Group. Experience 
that gets the job done. 

v v - r- .... 

J&r'+I*-***:* . . 

W 1 

■ 8c 


Incidentally, - the 270,000 
shareholders "duped by the £20 
millio n advertising hype' Mr 
Pilch attributes to the "power of 
advertising* seems to me to be a 
demonstration of the weakness 
of advertising in feat it 
achieved only a 4 per cent posi- 
tive response for a £20m invest- 
ment, based on 7 million poten- 
tial participants. 


Beeriiwood , Beat Lane, 

Bovmgdon, Berts 

It calls for in-depth understanding 
of local customs and laws, ft requires 
detailed knowledge of tax advan- 
tages, and the careful identification 
of potential costs. Finally, it demands 
a bank with expertise, experience 
and financial strength. 

The Deutsche Bank Group is a 
world leader in trade finance. 

Clients worldwide rely on our years 

of experience in financing a large 
portion of Germany's foreign trade to 
get the job done. 

For international trade finance - as 
well as other commercial and invest- 
ment banking services - consider 
using the experience of one of the 
world's leading banks. 

Contact the Deutsche Bank Group 
office nearest you. 

Deutsche Bank 

Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG 

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TeL: (69) 71 60-0 TW.: fil 2634600 W: (2121 940-8000 Tokyo 107. Tel: (3) 5 88-19 71 





I . 



That's BTR 


anything else 


Tuesday November 10 1987 


A spare $18,868 secures a slice of NTT 

A Iw fc— thtl in 

A JAPANESE could today go 
rat and buy a bow Honda Ac- 
cord or, for the same price, one 
share in Nippon Telegraph and 
Telephone, the cnaatry’s lar- 
gest telecommunications oper- 

The second tranche of 1.95m 
NTT shares goes on sale today 
at a price of YtS5m (fl8^68) 
each, set by the Ministry of Fi- 
nance yesterday. 


wm the Japanese turnout in 
droves to boy a share In a com- 
pany that offers a yield of 0-18 
per cent, stands on a price/ 
earnings ratio of 269 and 

shews dubious prospects for 

The answer is almost cer- 
tainly "yes". Despite the recent 
tumoil In the stock market, 
NTT remains an emotional is- 
sue In Japan, Laden with senti- 
mental overtones. Investors 
are expected to line np, not for 
the f undament al!, but tor the 
feeling of owning a part of Ja- 

The first tranche of NTT 
shares was sold earlier this 
year at YL2m and immediately 

soared up w ar ds became of the 
heavy demand and limited 


NTT instantly became the 
largest company In the world 
on the basis of market capital- 
isation. At (me point, Its mar- 
ket value outstripped the com- 
bined worth of the Hong Kong 
and West German stock ex- 

Amid the worldwide crash in 
equity prices, NTT has been 
relatively resilient, slipping 
about 19 per cent in value 

since mid-October. The -strik- 
ing price for the second 
tranche was pat at 3 per cent 
less than yesterday's closing 

"People fed they are buying 
n slice of Japan Ine in its most 
visible fen, rather than Just 
investing in a share," said Mr 
Peter Tasker, an analyst with 
Kleinwort Grieveson Securi- 
ties in Tokyo. 'It’s buying a 
rare slice of the industrial 

On more practical grounds. 

fanfare say that many compa- 
nies aiming to do bustness 
with NTT, such as suppliers 
and insurance companies, are 
expected to pile Into the issue. 
Unlike the first tranche, 89 per 
cent of this issne Is expected to 
go to financial institutions and 

Nomura, Japan's leading 
stockbroker, said the company 
already had a surfeit of appli- 
cants for Its allocation of 
shares. A survey of potential 
investors done before the 
crash showed that most be- 
lieved a price of Y2J>m was ac- 

France and Britain clash over space plans 


FRANCK and Britain clashed 
head on yesterday over the 
shape of Western Europe's pro- 
posed space programme, with 
the UK suggesting that the 13 
nations of the European Space 
Agency were being asked to 
spend large sums on projects 
aimed at meeting French aspi- 

Mr Kenneth Clarice, the UK 
Trade and Industry Minister, 
claimed support for Britain's 
views from many of the agency's 
members. They are debating, at 
a two-day meeting in The Ha- 
gue, whether to raise the annual 
budget from $1.7bn (£950m) to 
nearly $3bn by 1993. 

"Most of the other countries 
dont want to pay a huge bill to 
meet French aspirations,* he 
said, making it clear he object- 
ed to all three big projects 
which agency officials hope to 
start in January. 

Britain yesterday formally 
proposed delaying until next 

summer a decision on the three 
projects - the Columbus 
manned space laboratory, the 
Hermes mini space shuttle and 
the Ariane-5 launcher- to allow 
agency members time to recon- 
sider the general direction of 
the agency. 

Mr Alain Madelin. the French 
Industry Minister, insisted that 
all three projects, which are 
due to cost about $13bn by the 
end of the century, should start 
on schedule 

He said both Hermes and Col- 
umbus were essential to flalfil 
European dm« of attaining a 
manned space capability inde- 
pendent of the US and the Sovi- 
et Union. 

Ariane-5 is also crucial in 
French eyes. Besides carrying 
satellites, the rocket is also doe 
to have the job of lifting into or- 
bit Hermes, which would have 
no propulsion system of its own. 

Mr Madelin also said the 
agency should proceed with 

Columbus even if Western Eu- 
rope failed to agree with the US 
on the terms for joining the lab- 
oratory to the core of a manned 
US space station due to go into 
orbit in the mid 1990s. 

The French Minister, whose 
government is Western Eu- 
rope’s most enthusiastic space 
power and agency’s biggest pay- 
master, providing a quarter of 
its budget, went out of his way 
not to spark a foil-scale row 
with Britain. 

He said he did not think Mr 
Clarke was being negative but 
he found the UK view that futur- 
istic 8 pace projects should at- 
tract significant private sector 
cash “rather a dream.” 

Expanding on the UK posi- 
tion, Mr Clarke said the agency 
was In danger of getting car- 
ried away” with having a 
manned space capability by the 
year 2000. 

He said he sensed the excite- 
ment of Hermes, bat could see 

no commercial logic for Eu- 
rope's developing its own space 
transport system for people, es- 
pecially as the US and Soviet 
Union were already ahead. 

Mr Clarke said be opposed 
the current proposal for Ari- 
ane-5, an improved version of 
Western Europe’s existing Ari- 
ane rockets which are sold com- 
mercially, because the job of 
making ft capable of lifting Her- 
mes would endanger the rock- 
et’s success in its main job of 
lifting ordinary satellites. 

West Germany, Western Eu- 
rope’s second biggest spender 
on space technology, is trying to 
take a conciliatory role mid-way 
between the French and UK po- 

Mr Clarke said he would not 
rule rat the chance of a compro- 
mise by the time the agency 
meeting ends this evening. "But 
it is not easy to see how we can 
agree," he said. 

Eurotunnel offer limited for UK investors 


Britain planning to buy shares 
in next week's flotation of Euro- 
tunnel, the Anglo-French Chan- 
nel tunnel group, are likely to 
be offered little more than a 
quarter of the £770m ($L37bn) 
worth or stock being issued, it 
emerged yesterday. 

This means that there will be 
room to satisfy applications 
from about 2Q0JDQ0 British in- 
vestors compared with the 
500,000 who have registered 
with Eurotunnel's UK snare in- 
formation office. A ballot 
among applicants therefore 
seems probable unless senti- 
ment towards the issue wors- 

Eurotunnel is expected to of- 
fer about £350m worth of shares 
on each ride of the English 
Channel when the flotation be- 
gins on Monday. This is rather 
more than originally expected, 
because in the wake of the BP 
flop it now expects to sell only 
about £70m worth of shares in 

other international markets in- 
stead of £150m. 

However, the allocation to UK 
private investors will be small 
because Eurotunnel is aiming 
to place between 30 and 50 per 
cent of the UK shares with insti- 
tutional investors in advance of 
tiie public share offering. 

The company’s advisers say 
this Is partly to achieve a dem- 
onstration of institutional confi- 
dence in the issne and partly to 
secure preferential treatment 
for institutions which backed 
earlier private pin rings of Eu r 
rotunneTs shhres. 

In France, which has a differ- 
ent distribution system, the 
shares will all be effectively 
placed with a group of banks, 
which will then sell them to In- 
stitutional and private investors 
on a first-come, first-served ba- 

In the UK, there trill be no 
clawback of the firmly-placed 
shares into the public offering 

if demand from private inves- 
tors is heavy. This is because 
Eurotunnel is not a privatisa- 
tion issne and the widening of 
share ownership is not among 
its priorities. 

For the same reason, the 
shares will not be sold on a 
partly-paid basis. Investors wil 
have to apply for £350 worth of 
stock to qualify for the smallest 
travel perk and £5JS0 to qualify 
for the largest The average lev- 
el of application is thought like- 
ly to be £LJX>0. 

In the event of an oversub- 
scription, rationing will afinoat 
certainly be achieved through • 
ballot rather than through a re- 
duced allocation, because the 
second method would make it 
Impossible for investors to 
know which perks they were go- 
ing to get 

It also emerged yesterday that 
the offered shares will be sub- 
underwritten at a rate of L5 per 
cent in the UK compared with 
the normal rate of L25 per cent 

and the unprecedentedly low 
rate of 1 per cent achieved for 
the BP issne last month. 

A higher rate is being offered 
because of the unusual nature 
of the issue and because of the 
long gap between the opening 
date - still expected to be Mon- 
day - and the start of dealings 
on December 10. The firmly 
placed shares will not be under- 

: for 

the flotation reveals that provi- 
sion has been made for foe UK 
and French issuing houses to 
intervene in the after-market 
for the shares at any time up to 
the end of next January. 

Warburg Securities, one of 
the company's UK advisers, 
said yesterday that such a provi- 
sion was commonplace in 
France and was intended to 
give the placees confidence that 
the issnlng houses would sup- 
port the price when dealings 

Lawson optimistic on G-7 
currency co-operation 

Continued from Page 1 

to be some informal consulta- 
tions between governments, but 
he hoped that it would be not 
much more than a week before 
a formal meeting of finance 
ministers and central bankers 
was held. 

Turning to Britain's pros- 
pects, he said he remained con- 
fident that the economy would 
weather the recent storm on fi- 
nancial markets. 

If the effects, however, were 
more damaging than expected, 
the main flexibility in Govern- 
ment policy would be seen in 
lower interest rates rather than 
in a much higher public sector 
borrowing requirement. 

Although the^precise figure 

for next year’s PSBR will not be 
set until the Budget, Mr Lawson 
said that he would be "very re- 
luctant indeed” to see it any 
higher than the 1 per cent of na- 
tional income set as a guideline 
in the me dium term financial 
strategy CHTFSJ. For this year, 
the PSBR is forecast at £lbn or 
around 025 percent of national 

The Chancellor also under- 
lined his commitment to seek to 
hold sterling stable against the 
D-Mark, but made it clear this 
involved not only keeping the 
rate below DM3.00 but also not 
allowing it to fall significantly. 
If costs in Britain’s industry 
rose foster than elsewhere he 
would not be prepared to "bail 
it our through a lower exchange 

A stable exchange rate had 

two clear advantages -it provid- 
ed a usefhl anti-inflation disci- 
pline and ft allowed business 
and industry to know exactly 
where it stood, Mr Lawson said. 
And, in that context, the D-Mark 
rate was particularly important, 
although the Government could 
not fix an exact point from 
which the rate could never fluc- 

He acknowledged that foil 
British membership of the Eu- 
ropean Monetary System would 
have advantages. Primarily, it 
would give a greater guarantee 
of continuity of policy over a 
number of years in muc h the 
same way as the MTFS had 

Mr Lawson said that the re- 
cent BP issue would be fol- 
lowed by a foil review of the 
Government’s privatisation pro- 
gramme - a review which had 
been planned even before the* 
stock market EalL The Govern- 
ment had already secured its 
planned privatisation receipts 
of £5bn for 1988-89 so no large- 
scale asset sales were planned 
in that year. However, if state 
industries like British Steel 
were ready for flotation in that 
year, overshooting the £5bn tar- 
get would not be an obstacle. 

Finally, the Chancellor said 
he had no plans at present fora 
Green Paper on the taxation of 
savings and investment Such a 
consultation document has 
been promised before the Gov- 
ernment embarks on any major 
overhaul of the tax treatment of 
pension foods. 

World Weather 

& Kong 

X! V 
IB Si 

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F 17 O 
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Security talks on Ulster 

Continued Cram Page 1 

national co-operation to defeat 

He rejected suggestions that 
the Anglo-Irish agreement bad 
heightened violence in the 
province and said he had no in- 
tention of embarking upon a re- 
view of the agreement before 
the scheduled date next Novem- 

Mr Kevin McNamara, La- 
bour’s Northern Ireland spokes- 
man, agreed that the community 

should not retaliate or over- 
react but should help the fight 
by supporting the forces of laws 
and order. 

He claimed the bombing had 
given the lie to any suggestion 
that democrats could flirt with 
those who supported a "bullet 
and ballot* strategy designed to 
legitimise terrorist action. La- 
bour's home policy committee 
last night endorsed its support 
for the Anglo-Irish agreement 

Brazil court ruling 

Continued from Page 1 
ister Dilxon Fnnaro and the teed profit margins In return for 
rs. investment and export commit- 

country’s motor manufacturers. 

The company claimed that the 
refusal by Mr Luiz Carlos Bres- 
ser Pereira, the succeeding 
minister, to honour the accord 



Mr Bresser Pereira claimed 
that the April accord was only 
an outline gentleman's agree- 

legitimised its refosal to accept meat without legal standing, 
a 10.9 per cent price rise, im- Furthermore, government re- 
posed by the national prices ductions of production taxes - 
counciL recently cut back to 42 per cent 

Under the agreement, car- of the retail price - represented- 
makers were offered gnararj- a major concession, he said. 


bomb blast 

kills 26, 
injures 100 

By Marvyn da Saw in Ootombo 

TWENTY SIX people died and 
more than 180 were Injured - 
many of them seriously -when 
a bomb exploded in Colombo 
yesterday as the Government 
dlwawwid controversial legis- 
lation aimed at ending Sri Lan- 
ka’s four-year ethnic crisis. 

Police accused the outlawed 
Marxist Janatha Vlmakthi 
Peramuna (People’s Liberation 
Front, JVF), an extremist 

group dominated by members 
of the country** majority Sin- 
halese community who bitterly 
oppose compromise with Sri 
minori ty Tamils 
Under the terms of President 
Junius Jayewardene’s July JSB 
pact with India, substantial 
is to be devo l ved to fee 

The controversial Mils, which 
are to be Introduced in the Sri 

parliament today, spell 

eat the powers of semi-antono- 

mous provincial .councils to be 

set up under ffceXnde- Sri Lan- 
kan pact and are designed to 
meet Tamil demands for a 

Yesterday's explosion, near* 
police station In the working 

class Maradana district; poses 

a significant challenge to 
President Javewardene's au- 

President Jayewxrdene was 

also criticised by Mr Rajiv 

Caiulht | Indian Prime Minis . 

tar, who accused him of felling 

to meet the e xp ec ta tions of the 

Island’s TamO minority In the 

Gandhi also launched an 

attack on Tamil Tiger extrem- 

ists for theft violent attacks on 
civilians and Sri 

troops- and for repudiating the 
it he had sigi 

July agreement „ — 

on the Tamil ethnic issue in 

8rf Lanka. 

Colombo and Its suburbs 
have been placed under tight 

security fenowing In telligence 

reports that the JVP was pbn- 

— attacks this week when 

Parliament debates the two 
co n tr o v er s i al Mils. 

MPs from tiie ruling United 
National Party. (UNP) were 
moved into heavily guarded 
five star hoteli yesterday. 

The MPs have bee* receiving 

In red. 

death threats, printed 

from an. organisation called 

the National Patriotic Move- 
ment, which the police a 
JYP front. 

In mid- August, one govern- 

ment MP died and several MPs 
and ministers were injured 

when Sinhalese extremists op- 

posed to the peac e accord tried 
to assassinate President Jaya- 

wardene in a grenade attack in 

At a special Cabin e t meetin g 

summ o ned by Mr J ayawaide ne 

yesterday, the ministers 
agreed to amend a clause 
which the S upr eme Court had 
held would require a referee- 

A sharply divided Supreme 

Court Anally ruled by five to 
did not vto- 

feur th e Miig i 

late the con sti tution and could 

be passed if the offending 

clause was withdrawn. 

Gandhi criticises Sri I unban 
legislation. Page 5L 

Dole sets sights on big time 

Con tinned Aram Page 1 

which he has learned to turn on 
himself of late will, at a critical 
moment in the fight for the Re- 
publican nomination, be turned 
too viciously against one of his 

That Mr Dole and his advisers 
themselves are wary on this 
score was evident two weeks 
ago in a nationally televised de- 
bate among the six Republican 
candidates. Mr Dole was judged 
to have gone so far out of his 
way to avoid being labelled as 
nasty end aggressive that he 
made a minimal impact on an 
event which could have helped 
his campaign considerably. In- 
stead George Bush took the op- 
portunity to try and erase the 
image many Americans have of 
him as a follower, not a lender. 

Partly to contrast himself 
with his chief rivals, Mr Dole is 
stressing his leadership* capac- 
ities. He misses no opportunity 
to present himself as the en- 
gaged politician who, as the mi* 

tion of US-Soviet relations.over 
the next year. 

But just as be emphasises one 
abstract concept, "leadership,” 
he mocks another. The media, 
he says, keeps pressing him to 
express his "Vision” of where he 
will lead America. But, he adds, 
if he gives them a vision they 
will shred it and then ask him 
for something else • his “mes- 
sage* perhaps. 

For the moment MV Dole is 
able to make light of the ques- 
tion where he would lead Amer- 
ica. But as a man who is per- 
ceived primarily as a 
pragmatist who had learned to 
work with both wings of his par- 

ty as well as the opposition on 
Capitol HilL be is likely to come 

norlty leader (the top Republi- 

can), will, for example, have to 
help shepherd through the Sen- 
ate any arms control treaty the 
President signs. Mr Bush, he 
slyly points out, will have only a 
"ceremonial” role in the evoln- 

Capitol Hill, be is 
under increasing pressure to 
nail down firm positions on a 
broader range of issues. 

He can fairly c laim that on 
one of the burning issues of the 
day. the federal budget deficit, 
he has stuck courageously to a 
course which for years now has 
won him few friends in the 
White House. 

Yesterday Mr Dole began to 
stake out some firmer positions 
which will appeal to Republi- 
can conservatives. Echoing 

President Ronald Reagan he 
called for a constitutional 
amendment to balance the bud- 
get but without major new tax 
increases, and for 'phased de- 
ployment" of the Strategic De- 
fence Initiative "when it’s 

Mr Dole also made it clear 
that along with a tough stance 
on trade policy he intends to 
make the issue of burden-shar* 
Inga central feature of the de- 
bate over the relationships 
amongst the Western allies. If 
elected president, he said, he 
would immediately call an Alli- 
ance summit "aimed at forging a 
new formula for burden-shar- 
ing.. Our allies can afford to joy 
their share and they should.' 

One of the architects of the 
1982 tax increase, without 
which the budget deficit would 
be worse today thaw ft already 
is, Mr Dole belongs to that main- 

stream of the Republican Party 
fiscal conservatism 

which has 
as a core belief His central role 
on budget issues has been such 
that few anticipate that the bud- 
get negotiators meeting on Cap- 
itol Hill for the third week will 
come to an agreement while he 
is out of Washington. 

1 • 


Finance directors up and down 
Britain blight believe that the 

market crash has thrown np 

bargains, bat it still takes nerve 

to be first back Into the water. 

Granada’s £224m offer for Elec- 

tronic Rentals is perhaps £120m 

it would 

cheaper than it would have 

been a month ago. But in mark- 

ing Granada’s shares down by 
more than 10 per eent yester- 

day, the market was also con- 
scions that Granada is offering 

a multiple well above its own to 

buy a c o m pany in a declining 


The bid, though, is ingenious- 
ly structured for troubled times. 
Offering straight equity is pre- 

sumably out of the question, if 
only from the point of view of 

underwriting. The combination 

of cash and convertible prefer- 

ence shares gives both liquidity 
and income, and it is in the na- 

ture of a convertible to be less 
volatile than the underlying 
share; against a fell in Granada 
shares of nearly 11 per cent yes- 
terday, the theoretical value of 
the convertible was down only 6 

This leaves tiie bid worth 
around *72J>p a share, compared 
with Electronic Rentals’ dosing 
price yesterday of Mp. The tar- 
get after all, has met to agree to 






action to the fear that there is 

now no bottom- to the dollar. 

The sectoral effects were also 
quite rationally distributed 
with cars - so obviously in the 
front line of the US wealth ef- 
fect - taking the brunt, chemi- 
cals nTU * banks coming close be- 
hind, and utilities 
outperforming strongly. 

the o ffe r, and putting together 
the UK's second and 

third lar- 
gest TV rental operators would 
surely attract tiie attention of 
the Monopolies Commission. 
But there is dear scope for cost 
saving in combining the two, 
and Granada would argue that 
TV and video rental has now 
merged into the wider market of 
electronic retailing. And al- 
though the contribution from 
rental would rise to over half of 
group profits, this is a business 
with regular cash payments 
from customers who are unwill- 
ing to gear up for outright pur- 
chase - not a bad hedge against 
a recession. 

meeting in Basle. The suspicion 

is growing that the US policy- 

makers’ lad of concern about a 
weak dollar means that for from 
any urgency In the budget defi- 
cit talks, there is almost a de- 
sire not to agree. Without a deal 
by November 20 the £23bn of au- 
tomatic budget cuts under the 
Gramm-Rnd man legislation will 
be triggered. A reduction ofthat- 
slxe would not satisfy tike for- 
eign exchange markets, but It - 
might be easier on the US elec- 

Bell & Howell 

Left to its own devices tire dol- 
lar has yet farther to fell - 
though predicting where it will 
frmd is a pretty pointless exer- 
cise. What might bring more 
pressure to bear on the politi- 
cians is a renewed drop on Wall 

The stock markets may have 
collapsed, and his portfolio of 

investments is almost certainly 

Street, and yesterday’s perf biv 

mance was perhaps a hint of 
worse to come. The US Septem- 
ber trade figures are due on 
Thursday. It can hardly be. for- 
gotten that the August statistics 
were part of the start of the 
crash. . 


German market 

The UK equity market 
seemed, unimpressed yesterday 
both by. the Chancellor of the 
ExchcoUev's:- reassurance that 
tbeUKcould ride out the storm 
and his proffered carrot of more 
interest rate cuts, and the FT- 
SE 100 index fell 55A points. 
Lower interest rates are in any 
case not much use to share 
prices. The pit market was 
more ready to act on the inter- 
est rate hopes - though If the UK 
economy is not heading for re- 
cession such a loosening of 
monetary policy ought to raise 
the spectre of inflation. 

For its part, the dollar was 
felling fast and free, unshack- 
led by central bank support ei- 
ther in the market or at the 

Those continental European 
mar kets which boomed on -the 

liabilities should reside in the 
same currency. Ironically it is 
t he least mature markets jik** 
Austria and Denmark which 
have held np best, because iff 
the lack of foreign support. And 
it is the half-mature, notably 
West Germany, which hare suf- 
fered most acutely from foiling 
to stimulate domestic equity de- 
mand alongside the foreign in- 

Yesterday’s sharp fell in the 
German market - its second 
steepest since the collapse be- 
gan - was an understandable re- 

worth considerably less than 
was a month ago, but Mr Robert 
Maxwell appears to have lost 
none of his interest in both 
.Playing the market and estab- 
lishing Maxwell f-owTHTnii»»a . 
tions Corporation as a major 
force in the US. The latest ob- 
ject of his attention - Bell & 
Howell - fits more sensibly into 
his grandiose definition of the 
comm uni cations business than 
De La Rue, for example. Merrill 
Publishing is the biggest ele- 
mentary and high school sci- 
ence book publisher in the US 
and would slot neatly into Per- 
gamon’s range of scientific pub- 
lications, whilst Bell & Howell's 
United Microforms Internation- 
al is already microfilming Per- 
gam on 'a technical Journals. 

Bell A Howell's recent record 
has been lacklustre and its 
chief e x ecut iv e is close to re- 
tirement, all of which has re- 
vived the interest of tiie shell- 
shocked US arbitrage communi- 
ty and has set it doing its snms 
afresh on the basis of a breakup 
value of over $700m. The 
wealthy Baas family of Texas, 
the biggest shareholder, does 
not mount hostile takeover bids 
but MacMillan Inc, another 
large shareholder, could try to 
block Mr Maxwell’s ambitious 
in order to assure its own inde- 





Geoffrey Morley & Partners’ tried 
and tested investment philosophy 
of concentrating on equities, and 
managing them actively has afaeadjr 
fed many huge pension funds to 
transfer their business to ns. 

Now, with the launch of the 
Geoffrey Morley Exempt Unit Trust, 
this same expertise can work . for 
smaller UK pension funds, approved 
charities and others with exempt 
status. . • 

In keeping with the group philo- 
sophy, winch we can explain and 
demonstrate in detail, the fund will 
invest only in equities. 

As well as UK equities, overseas 
equities will be chosen to spread the 

risk,- diversify the portfolio and 
benefit from currency movements. 

And when the managers cannot 
find the r%hl equities to meet their 
stringent value requirements, they 
will build up liquidity until things 
change.- . 

Hie charges are eminently reason- 
aide, . with 4% initially and 0.5% 
annually thereafter. The Trustee is 
National Westminster Bank pic, 

! In short, thb: redly is the oppor- 
tunity for every fiind to start enjopng 
the benefits of Geoffrey Morleyh 
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So find out more. Send the 
coupon, or contact Brian Shearing on 
01-242 144L 


1 FUEMEIBD^EHIU.lElM20FTMG8)inEYIIIlfi£YBDFrifEr'nBBl , ■ ■ . 

| namut 

i OMMunm..- 

Geoffrey Morley 


- * #? ‘ 

But despite the fresh down- 
ward revision of e ar n i n gs esti- 
mates, the first-order effects of 
the crash ought to be less 
marked on tiie German econo- 

my than most others. The 35 per 
cent foil of the past three weeks 

also hit a market which began 

with little of the froth of the oth- 

er worst performers. Yet, when 
the risk-averse domestic inves- 

tors cannot be persuaded to fill 
in for the foreigners, despite in- 
creasingly attractive yields, 
market makers will go on mark- 

ing down prices and doing no 
business. The sad thing is that 
prior to the crash domestic in- 
vestors were just being lured in- 
to equities in force. Now, recov- 
ery seems destined to lag the 
marke ts into which Germany’s, 
foreign investors hare now re- 

,ii 8a riK 

.o,ia HiiJ* 






a**. & 

l \i\ 




====! fcONDOWnfc 01-404 Q50S 
- 1K MPIGHHM let QE1-632 4222 
I h MANCHQ1XR Tat 061-373 230S 

ACOwytSffOt/P ( 



Tuesday November 10 1987 


Toyota to add engine 
facility to plant in US 


TOYOTA, the' leading Japanese car 

manirfafcturgf, yesterday said it 
woold add a S300m engine and 
i wwi^jBBBff n plant io the M Wm car 
assembly operation which it is al- 
ready constructing in the US. 

Hie company’s decision to pro- 
duce engines is toe latest such 
move by a large' Ja p anese motor 
manufacturer as Japan's domestic 
cost advantages are eroded by toe 
rising yen and access- tb the US 
market continues to be threatened 
by the possibility of protectionist. 
lp gigintfnn fn Washington. - 

By the eariy IfiflOs, when the new- 
ly announced engine, axle and 
steering plants me producing at full 
capacity of 200,000 units annually, 
the US content of Toyutas assem- 
bled in toe US will have risen to 75 

per cent, toe company said. 

Toyota, generally thought to be 
- toe lowestcost producer in toe Jap- 
' car industry, has so far been 
slower to invest in overseas nuum- 
. factoring capacity than its main do- 

. mestic ovals.' , 

The company’s car asse mb ly 
. plan t, which is already under con- 
struction in Georgetown, Kentucky, 
will have a capacity of only 200,000 
cars a year when it reaches full pro- 
duction in 1988 or 1990. 

Even with the engine plant an- 
nounced yesterday/this re prese nts 
a much more hunted commitment 
to US manufacturing than that of 
Toyota's smaller. Japanese rivals. ■ 
Hon da , toe most aggressive ' of 
toe Japanese carmakers in terms 
■of overseas expansion, produces 

320.000 cars a. year in toe US and 

.has declared, that it intends to be- 
come essentially a US domestic pro- 
ducer by the 1990s. ' 

In September, Honda began to 
' build a second assembly pfawt in 
Ohio designed to bring production 
. to 500,000 by 1990. Hus compares 
■ with Honda's current sides of about 

750.000 in the. UR market 

, la contrast, Tqyota is expected to 
sen about 900,000 cars in toe US 
this year.. The company looks Bice 
remaining p rednmin»n tiy anjmpo r- 
ter of can fro m Japan tor toe fore- 
seeable future — even taking into ac- 
count the 80,000 units it assembles 
, ta California in a. joint venture with 
- General Motors and the 50,000 cars 
it will soon start producing at a new 
’. plant in 

Royal Bank of Dresser Industries 
bu“b d rok“r y holds merger talks 

By Robert Gibbons to Montraal BY MCK GARNETT IN LONDON! 

THE ROYAL Bank of Canada is 
linMing talVc until Dominion Secu- 
rities and other Canadian invest- 
ment dealers, but will make a bro- 
kerage acquisition only at toe right 
time and price, according to Mr Al- 
an Taylor, company chairman. 

The Royal is the'last pf toe tote 
largest Canadian Chartered banks 
to fink up with a broker mid invest! 
ment dealer. It has- negotiated 
several times with Wood Gundy 'in 
the past year. ■ J- * ■* 1 

Wood Gundy has agreed to sell a 
35 per cent interest to First Nation- 
al Bank of Chicago but toe deal is in 
jeopardy because of the stock mar- 
ket crisis. 

Mr Taylor denied reports that his 
bank is negotiating again with 
Wood Gundy. 

versified US engineering group, has 
been in detailed negotiations with 
Orenstein & Koppel of West Ger- 
many to merge some of toe two 

rampn ni tre* oarthnmumg muriinipij 


The talks are understood to have . 
included a range of possibilities,' 
from joint marketing arrangements * 
to toe purchase by -Texas-based 
Dresser of some of O&K’s opera- 
tions. : - 

Hie West German company play- 
ed down tiie significmce of toe 
talks. It said that negotiations of, 
this lype were frequently held 
among companies in the heavily 1 -, 
saturated market Jar. construction - 
equipment and they rarely came to ' 
anything. . . 

Hie two companies had on-off . 
collaborative diacawfaao • three 

- years ago, and Volvo of Sweden and 1 
.-the US co m pa n y, Clark, tried to woo 

- OfcK two years ago'when- they were 

forming the joint VME constructum 
maduhay | wian»« 

_ . Dreiser was more positive on the 
latest talks with O&K, which have 
bee&toe source of speculation hi 
the.iodu&try for the past month. 

"We might have soipetfring to say 
-in a* few. days,* Dresser-said. “It 
. would he premature, for us to com- 
ment 'on this now." 

Dresser had sales last year of 
SSOOm’in construction machinery 
and S400m in mining equipment ant 
of its.overall sales of S3.7hn. 

O&K had sales of DML78bn 
(Slbn) last year bat was onto margi- 
nally in prrifit Its products inrinde 
the Mg dump tracks made by Faun, 
a West German company it pur- 
chased in 1981 





By James Buchan In New York 

CANNON GROUP, the controver- 
sial film production distribu- 
tion company under the control of 
Mr Mpfinhem Golan and Mr Yoram 
Globus, yesterday emerged all but 
anscath e d from a long-running dis- 
pute with the Securities and Ex- 
change Commission (SEC) over its 
accounting practices. 

The Los Angeles group, which 
has deftly averted financial disaster 
despite heavy losses and burden- 
some debts, said it had readied 
agreement with toe SEC to settle 
the federal agency's year-long in- 
vestigation of Cannon's accounting 

Under the terms of the settle- 
ment, Cannon is not required to 
submit to management changes or 
make further accounting adjust- 
ments. But the group agreed to ask 
its auditors to conduct a special re- 
view of its internal accounting 

.-The deal with the SEC could 
theoretically re-open access to the 
US capital markets for the sorely 
strained group. Cannon's depressed 
Stock was one of the few rising 
-shares in yesterday’s market, addr 
mg SH to $3K in early trading. 

_ The SBC conslamt, which Can- 
non and its officers do not admit or 
deny, questions whether the group 
was pradenf m accounting for fu- 
ture film revenues. . 

But last year. Cannon moved to 
accommodate thb SBCby hiring the 
firm of Arthur Young to conduct an 
independent audit Hris review re- 
stated the group's S5Am-loss in 1988 
to a SSOAm loss. • X 

ij«t month, finiHMHi g ae r ted * w * 
Vers (^1i crisis thrhngh ■a g H ww anl 
to selTits woddwidfe red estate to a 
grfY nji controlled by ajnaj ofshare- 

Krilrlpr b T jr*i »m h rair g i-om pa n y 

called Infceipart 

Robert Gibbens on the outlook for Canada’s forest products groups 

Timber industry on alert for recession 

CANADIAN forest products compa- 
nies, after nearly five years of 
strong recovery from toe days erf 
penury in 1982, are watching for 
signs of a recession which may 
come in 1989 after the US presi- 
dential elections. 

The industry, notorious for the 
cyclical swings in its fortunes, has 
seen two years of quarterly in- 
creases in work! pulp prices and a 
recovery in newsprint and other 
commodity products to around toe 
1981 highs. - 

The industry was caught with an 
enormous debt burden when the 
last downturn came in 1981/82 after 
a period of expansion. This created 
a crucial leverage posi t io n among 
the major companies. 

first lumber began to recover, in- 
terest rates and North 

American housing starts moved up. 
Then pulp and paper prices and 
shipments began to take off in UB5 
and toe publicly-traded companies 
saw their shares begin a long dimb 

which lasted without interr u ption 
until the October 19 meltdown. 

On average, the forest 

products stocks have lost between 
20 and 30 per cent of their market 
value, but ironically, the companies 
in the past few (fays have been re- 
porting that their mill* have been 
running flat out with strong North 
American, Asian and European de- 
mand helped by the lower US dol- 

Profits have doubled and, in some 
cases, trebled from year to year. 

MacMillan Bloedel, controlled by 
Noranda, and the country’s largest 
and most diversified forest products 
company with plants in western 
Canada, in toe East and in the US, 
has set the tone. 

Its business is divided between 
palp and paper (40 per cent), build- 
ing materials (40 per cent) and 
packaging materials (20 per cent). 

It markets internationally «nit l 
for instance, operates its own lum- 
ber distribution company in Japan. 

hi the first nine months, it earned 
CS217.7m (USSlB8.2m). or CS1.99 a 
share, up from CSllOxn. or 91 ce n t s, 
a year earlier, on sales of CS2£bn 
compared With CS2bn. Third-quar- 
ter profits equalled 77 cents a share, 
compared with 25 cents. 

Operating profit before interest 
expenses rose steadily through 
each of the first three quarters and 
the fourth-quarter will again be 
very strong. The company had a 25 
per cent return on equity in the 


In 1982, at the bottom of the re- 
cession, MacMillan lost C$93^m, 
before items, on sales of 

CSlJIbn. Debt was then around 
CSlbn and a severe burden. By the 
end of this year, total debt will be 
below 30 per cent of invested capi- 

Mr Glenn Ferguson, company 
treasurer, said that results for toe 
fourth-quarter will be very good 
■nil itornnnti for r^inat forest prod- 

ucts wifi be strong in 1988, with the 
US elections coming up. 

The lower US dollar will favour. 
MacMillan’s growing export bust- 
ness, especially timber and pulp 

and paper, helping to offset any de- 
cline in North American housing 

“But we are positioning ourselves, 
for a possible recession in 1989 and' 
we should see signs in the next- 
three to six months whether toe 
sl owdow n is coming,” said Mr Fen 

Meanwhile, MacMillan is staying 
away from megaprojects, while con- 
tinuing mndAmimitinn JHtd product 

upgrading projects, each involving 
a maximum of GS50m in capital out- 
lays. “This way we can pull back 
quickly, if needed, but well go on 
looking for acquisitions to broaden 
our earnings base, especially in the 
US, Asia and some parts of Europe. 

"And we're ready this time for a 
period of serious currency volatili- 
ty,” Mr Ferguson said. 

Timeplex bought by Times Media rises 
Unisys for $300m 289% in first-half 



HMEPLEX, a leading supplier of 
equipment for digital communica- 
tions networks, has agreed to be 
taken over by Unisys, the US com- 
puter group formed try the merger 
last year of Burroughs and Sperry. 

Unisys is offering one of its 
shares, worth about S31 yesterday, 
for of l ^rippW g 10m ylnn*y, 
in a deal worth just over S300m_ 
Hmeplex’s share rose Sltt in early 
trading to 528%. 

The New Jersey-based company 
will become the core of a new sub- 
sidiary called Unisys Networks, 
which wfll bufid maintain sys- 
tems for transmitting digital voice, 
data and video signals. 

The acquisition, the first since 
toe w w y f) i»imdii»n Unisys into 
lone Of the fastest-growing and 

most st ra tegically important seg- 
ments of our industry,” Mr Michael 
BhnnenthaL Unisys’s <‘ii»inniwi l 

Hmeplexis particularly strong in 
equipment for managing trans- 
missions over high-speed private 
wwnnumiMfarw systems, known as 
T-l networks. 

“Because network management 
is increasingly viewed as a vital da- 
ta processing system application, 
this capability will positively affect 
sales of computer systems, net- 
works and integrated complex sys- 
tems,” Mr Bhrmenthal added. 

Tariff redactions have impr o ved 
toe economics of T-l networks 
among large corporations and orga- 
nisations which generate high vol- 
mans of data and voice traffic; 

TIMES MEDIA, the restr u ct u red 
Engfish-tangnage newspaper and 
publishing company, formerly 
known as South African Associated 
Newspapers (SAAN), reported a 289 
per cent rise in first-half profits on 
turnover up 23 per cent at R84Jxn 

The rise in profits before ex- 
traordinary items to R14.2m, from 
R3Jm in the equivalent six-month 
period which ended in September 
1986, translated Into a rise to 705 
cents in earnings per share, from 
182 cents. 

The company has been trans- 
formed over the past two years 
through the closure of such lose- 
Twairing newspapers as the Band 
Daily m»»i and disposal of assets. 

SAAN recorded losses of R21m in 
1988 and R6-3m in 1985. The previ- 
ous high level of l oss es and conse- 
quent tax losses were reflected in a 
zero tax charge on current profits. 

The group has declared an inter- 
im dividend of 100 cento a share af- 
ter passing the i n ter i m last year. 
The directors say: The group has 
moved from a highly-geared posi- 
tion to (me where there are no bo*-, 
rowings and total liabilities repre- 
sent 81 per cent of shareholders* 

They sounded a warning about 
the unpredictable impact of the re- 
cent stock market collapse and not- 
ed that second-half profits were al- 
ways adversely affect ed by tradi- 
tionaHy-tow revalues in the Decem- 
ber to February months. 


A few centuries ago, Ferdinand 

mm whimhmiii Magellan made history with the first 

global strategy He proved the earth 
was iound and won great acclaim. 

. Posthumously 

. Since then, in spite of the fact we all know the 

.of the earth” isn't there, more than one company 
I M r has gone overseas and disappeared without' a tface. 
HIM aBy Circumnafiigatioh. for explorers of all kinds,' can be . tricky 

Our business is opening new frontiers. • : '. /. > 

It began for us in 1973, when we launched ourselves and our 
V industry into a new age by teaching computers finandaj printing. Then' 
T we developed the capability to send and print a prospectus simultaneously in 
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. Today, with, blinding speed, absolute accuracy and total confidentiality, 
we can send almost anything printable almost anywhere business is done. We can : 
even link otherwise incompatible data-tfansmisston systems: 

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same building. With branches all over the world; weeari offer a global company the same data . 

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-.! An edge on the earth. 

: . ' . 345 Hudson Street Newark, N.Y. 10014 Telex 12009 

Full-service offices and plant at libabonsinltnancial centers throughout North America anttihe world. 

Guinness PLC 

through its wholly-owned subsidiary 

Guinness America, Inc , 

has acquired most of the wines 

s acquired most oj trie win 
ana spirits businesses of 

Schenley Industries, Inc , 

The undersigned acted as financial advisor to 
. Guinness PLC in this transaction. 


Octobers 19X7 


Financial Tiroes Tuesday November 10 1987 

This announcement appears as a matter of record onfe 

Texaco Refining 
and Marketing Inc. 

as Seiler has entered into an 
Accounts Receivable 
Purchase Agreement for up to 


We arranged, syndicated and advised on dris fadtity 

Chemical Bank Investment Banking 

September 1987 

r Yr 

This announcement appears os a auttar of record ontfL 

Texaco Refining 
and Marketing Inc. 

as Seller has entered into an 
Accounts Receivable 
Purchase Agreement for up to 


Chemical Bank 

Bank of America NT&SA 

The Bank of Nova Scotia 

Canadian Imperial Bank 
-of Commerce 

Credit Suisse • - - 

First City National Bank 
of Houston 

The First National Bank 
of Chicago 

National Westminster Bank PLC 
Security Pacific National Bank 
Texas Commerce Bank, N A 
Union Bank of Switzerland 

Algemene Bank Nederland N.V. 

Ntw fork Branch 

Bank of Montreal 
Barclays Bank PLC , 

• ; C omm er zba nk AktiangeseHschaft 

. Ham Turk BraiKh 

— . - - ■ 

Deutsche Bank AG 

Caynmn (studs Branch 

First Interstate Bank, Ltd. 

Lloyds 8ankPtc 

The Royal Bank of Canada 

Swiss Bank Corporation 

Naw York Breach 

The Toronto-Dominion Bank 

and will ad as Purchasar forth* I 

Chemical Bank 

Saptenb8f 1967 



Bancomer, S.A. 

U.S. $60,000,000 

Subordinated Floating Rate Notes 
due 1886-1990 

Notice is hereby given pursuant to the Terme and 

CondSons at the Notes that for the set monft Interest 
Period. 12ft November. 1987 to 12ft May. 1988 the 
Notes wifl cany an interest rate of VY»% per 
annum. On 12ft May. 1988 interest Of US$116.59 w* 
be due per USS3J00Q Note agmnst coupon No. 1Z 

Agent Bank 


A MmlMrof Thfl HoyafaankafCxiatflGKMP 


Credit Lyonnais 

Subordinated Floating 
Rate Notes Due August 1997 


per annum 

« — - - ■ - — - — ■ 


merest Amount per 
U5.m000 Note due 
8ft February 1988 

9ft November 1987 
8ft Februmy 1968 

OS. 8191.16 

Credit St riae First BcateiLMad 

Reference Agent 


Suez bourse debut leaves 
shares at heavy discount 


SUEZ, the newly privatised 
French investment and banking 
group, finally made its debut on 
the Paris stock market with a 
drop of 18 per cent from its offer 

Over L9m shares, nearly 8 per 
cent of the group’s capital, 
changed bands yesterday at 
FFr281 CHS . JBI each, compared 
with the issue price, fixed on 
October 1, of FFr317. 

The company is the first 
French privatisation not to 
open at a premium to its offer 
price, and could damage the 
confidence of its L8m new 

The French finance ministry 
bad first put J>ff the start of 
dealings in Sues abates and 
then tried to discourage share- 
holders from selling by allow- 
ing them to delay half oT their 
payments tor a year. 

Officials yesterday were tak- 
ing comfort from the feet that 
Suez’s share price bad feQen 
les* than the market Over the 
period the CAC index has 
dropped by 29 per cent . 

But some deaieis were criti- 
cal of the decision of Mr 
Edouard Balladur, the finance 
minister; to delay dealings, 
originally due to open on Octo- 
ber 29. . _ _ 

It is just Rto the Hong Kong 
authorities closing their stock 
exchange down during the 
crash. If you delay K you fust 
make "»»***»»■« worse,* comment- 
ed one broker. 

Since there has been no ac- 
tive grey market in. Suez - Lon- 
don dealers stopped quoting 
prices when stock markets be- 
gan to crash - institutions have 
been unable to onload any of 
their holdings of Sties shares. 

Foreign institutions, who did 
not qualify for the split pay- 
ment, were understood to have 
been particularly heavy sellers 

The French markets were al- 
so shaken yesterday by doubts 
over whether Mr Balladur 

would press ahead with the pri- 

wtiMtinn of DAP, the lar gest 
French insurance company, 
originally expected to be 
floated In December. 

Official denials of a radio re- 
port that the minister had de- 
cided to put off the privatisa- 
tion were interpreted by many 
dealers as a decision to go 
ahead at all costs. Officials later 
explained t h « t no decision, ei- 
ther way, had been taken. 

But Yves St Laurent the 
French couture house, yester- 
day decided to put off its stock 
market flotation, o rigin a lly 
scheduled far December 4. 

Profits soar at Norsk Hydro 


NORSK HYDRO, Norway’s lar- 
gest publicly quoted company 
which has interests in fertilis- 
ers, petroche mic als, metals and 
oil and gas, increased pre-tax 
profits four-fold to NKrtGlm 
($ 153.4m) in the third quarter of 

Net income for the period 
reached NKr32fh» or NKr3-8Q a 
share, compared with NKzSSm 
or NKML40 in the same period 
in 1986. Operating income was 
NKxfl96m, a NKxSOOm increase 
over the third quarter of 1988. 

Norsk Hydro attributed the 
' result to Improvements in 
agricultural; light metals 
and petrochemicals divisions. 
Agricultural operating income 
mas Jbvonrabty Influenced by 
the sale of industrial gas activi- 
ties In Sweden and Finland, the 

company said. Norsk Hydro 
realised a net -profit of 
NEr214m on the disposal. 

Mr Odd Gollbenc, d ir e c to r of 
information, said that tradition- 
ally the third quarter is the 
weakest due to seasonally low 
demand for fertilisers and oil 
and gas. He said. ItmnverfWe 
are very satisfied with the out- 
come of this third quarter". 

Norsk Hydro’s board will de- 
cide today whether or not to go 
ahead with its NKjrSbn rights is- 
sue, the biggest rights offer seen 
in the Nordic region. The group 
has the option to postpone the 
share issue until end-Jo ne 2968. 
Yesterday the shares fell some 
15 per cent despite the strong 

The agricultural division 
achieved third-quarter operat- 

ing income of NKx834m, against 
NKriKhn. Norsk Hydro said, 
howev e r , that because of weak 
fertiliser prices, profitibility 
was for from satisfactory. 

Oil and gas Operating income 
fell to NKrlSBm from NKrdm 
due to lower gas prices and 
losses Incurred by refining and 
marketing activities. Light met- 
als increased operating income 
by NKrllfim to NKr837m due to 
high metal prices and strong 
trading activities. 

The petrochemicals division 
also performed strongly, revers- 
ing earlier losses. Operating in- 
come for the third quarter was 
NKx238m, compared with a loss 

Norsk Hydro realised third- 
quarter foreign gains 


Moulinex sees 
by end of year 

By Our Ms Staff 

MOULINEX, the troubled 
French kitchen equipment 
manufacturer, should be break- 
ing even by the end of the year 
and hopes to make a profit in 
1988, Mr Rola n d Darneau, its 
new managing director, said 

Mr Darneau said he was stick” 
lag to his forecast of a FFr42m 
($7-3714) loss this year, alter los- 
ing FFrtiShn in the first half of 
the year. Sales were recovering 
now, however, and in some sec- 
tors, such as irons and coffee 
machines, the group was having 
to work overtime to meet de- 

Sales In France, badly hit by 
the introduction at the start of 
the year of a new commercial 
policy which was resented by 
retailers, were still 28 per cent 
lower at the end of September 
than in the same period of 198& 
Export sales were 8 per cent 
higher, however, leaving total 
group turnover only 7 per cent 
down, compared with U per 
cent down at the end of Jose. 

Mr Daraean said that the 
group was seeking financial 
partners, but these would be 
likely to take shares not in Mou- 
linex itself, but in Finap, the 
bolding company of the group’s 
founder, Mr feu Mantelet 
This would preserve the 42 
per cent controlling stake - 
which with double voting rights 
holds more than 50 per cent of 
the votes - which Mr Darneau 
[said protected Moulinex from 

Bugge sacks 
chief executive 


BUGGE kikNDQM, the trou- 
bled Norwegian properly com- 
pany. has dismissed Mr Niels A. 
B. Bugge, its managing director 
and major shareholder. Mr Ar- 
Ud Nedrum, another board 
member and second largest 
shareholder, has also been 
sacked. Mr Frode Aarum, also a 
shareholder, has been appoint- 
ed managing director. 

The company has run into li- 
quidity problems following de- 
lays in subscription payments 
for its NKr 155m C$84m) rights is- 
sue. Bugge owes Norwegian 
ereditorsTlneludiiig Christiania 
Bank, Bergen Bank, Fiananshu- 
set and Storebrand between 
NKrLSbn and NKrL4bn. It also 
has an outstanding UK debt of 
NKx200m. Its creditors have 
now given the company a four- 
week grace period. . 

Mr Aarum said the company 
was looking at possible reflnan- 
cing and asset sales and that 
merger talks with an undis- 
closed company were still un- 
derway. H o w e ver, problems 
with creditors are also com- 
pounded by problems with the 
major three shareholders, he 

Observers say Bugge will be 
hard pressed to honour its loans 
because too much has been se- 
cured by Norwegian stocks 
which have "nosedived." 

In the UK, Bugge owns prop- 
erty valued at NKt325.7m. In 
August it bought Baxhor Trad- 
ing, which brought with it prop- 
erty at London Bridge, Heath- 
row and Manchester. In 
February, Bugge purchased 7L7 
per cent of Jackson Bourne 
End, a quoted shoe components 
and property business. 

Paribas has gain in first 
half but warns on outlook 


PARIBAS, the recently-priva- 
tised French banking group, 
raised profits by 5 per cent in 
the first half but warned that its 
second-half results could be hit 
by the recent fell in stock mar- 

Net profits in the first half 
rose to FFl973m CgMUTm), ax-, 
dotting minorities, and the 
group hopes profits for the fill] 
year will be at least equal to 
1986*sFFrL68bn. - 

percent *t<^ ^?690m/re5alfcnig 
from improved returns from 
main operating subsidiaries 
and from lower financial costs 
doe to the group's reduced bor- 

Paribas realised only 
FFr283m of capital gains in the 
six months, howe v e r, a drop of 
86 per cent from the same peri- 
od of 1986 which concentrated 
three-quarters of the group's 
capital gains for the year. 

The company wa r n ed that ft* 
net asset value had did from 
FFT480 a duue at tiro end of 
June to FFr440 a share at the 
end of October, even though 
most of this loss affects unreal- 
ised capital gains rather than 
losses on . bode value which 

would have to be provided for at 
the end of the year. - 

The increased first-half prof- 
its follow a 69 per cent rise in 
bad debt- provisions to 
FFthfitiba, including around 
FFrLSbn of provisions for sov- 
ereign debtor risk. . 

The group's stocfc ef provi- 
sions covered an average of 
over 30 per cent of its lending 
exposure in risk countries, 
which Paribas said put- 1 ton. the , 
same level As other major inter- 
national banks. 

The sizeable increase follows 
efforts from the 
US and UK banks, but the 
other large French banka, 
which have already built up 
cover of 36 to 40 per emit of 
their exposure, slowed down 
their provisions in the first half 
of this year. 

A change in accounting prac- 
tice for swum operations at 
Banque Paribas, the group’s 
a***" Kankin p aubsidianr. DTO- 
duoed an exceptional net gala 
of FFr712m at the start of the 
year and an increase in gross 
operating profits of FFriOOm 
over the course of tiro first half 

for control 

By OtvfdWhnski Madrid 

THE BAXTU for positions is 
Spain’* chemical industry fol- 
lowing substantial Kuwaiti- 
hacke d share purchases has 
tnfcww jt fresh tore with a re- 
parted plan fay Italian Interests 
to assume the mate sharehold- 
ing |u Diim Explosives Bio 
Tints (ERT), the principal 
company in the sector. 

Madrid news p ap er s fogcat- 
ed that the p lanned a harehald 
ing by Interpart, a Luxem- 
beurpsegfetered holding unit 
headed by Mr Giancario Far- 
retti, the Italian businessman, 
would care foam ah BW capi- 
tal increase and from tiro pur- 
chase of part of tiro 36 per cent 
stake currently held by Tonus 

Hostesch, the company used as 
an investment vehicle by the 
Kuwait Investment Office. 

Torres Hostencfc first bought 
into EBT in July and la ter took 
a similar statein Gres, the ri- 
val Bareehurehas 

Mr Jose Maria — 

ERFs chairman, ha 

plans put forward by Terras 
Hosteneh which would deprive 
EBX of control ever a new joint 
co mp e ny due to be formed with 
Cras in the fartiliser sector un- 
der a government-backed reor- 
ganisation programme. 

The latest Torres propose] 
currently under discussion 
would involve splitting off 
EXTi fertiliser division and 
giving Cras control over the 
new company, Foster] ee Es- 

The flamboyant Mr Varrettfs 
reported attempt to come to the 
aid «TMr EacoadriUas was ini- 
tially greeted with some scep- 
ticism in Madrid business eir- . 

Mr Fanetti has nude a Hg 
Impact since the b e gi n n in g of 
tills year with the acquisition 
and subsequent sale of a hotel 
chain, takeover of the Bento 
ImusMHwia real estate con- 

the recent purchase of a 25 
cent stake in Banco Espanol de 

A capital increase at EST 
ha already been authorised by 
shareholders in order to pay 
off port of the group's out- 

Brown Boveri 
amends Issue 

By John tricks bi Zurich 

BROWN BOVERI, the Swiss 
engineering company which b 
to marge with Assn of Sweden 
Is to change the terms of in 
p lanne d rights issne because 
d tte ‘’continuing fTrcpHnua] 
’ sifeatioi fh the equity mar 

The capital i nc re as e pin 

will «sw net iuelude a fiirtbei 

issue at participation certifi- 

cates. Instead, holders of these 
■ou-rating equities will ham 
the right to subscribe to beam 
or re gistere d shares. 

The company points out that 
a a resell of the recent stock 
market crash. Investors ham 
become unwilling to boy nan 

tidpatfen certificates. 

Bar this reason, the intended 
drawing-rights offer for new 
ce r tificates has been dropped. 
A similar rights issue of regis- 
tered and bearer shares will, 
suljfect to shareholder approv- 
al, go ahead a planned. 

AS Are Notts km*ig*tmaoU Mat 



Umcorpo m cdl**ttSmeof Victoria, AoBraSa) 



1444 per cent. Guaranteed Notes due August 14, 1989 

Unconditionally guaranteed as to payment of principal and interest by 

the Toronto-Dominion bank 

fa Cmadfm rfmnrmt tina*j 

ANZ Merchant Bank Limbed 

Toronto Domhdee International Limited McLeod Young Wr International Limited 

Banque BracOes Lambert &A. 

Boque Paribas Capital Markets limited 
Oticorp Investment Bank Limited 

Dominion Securities Inc. 

CowfoMcte Zarirrih—fc AG Vienna 
McCangfcaa Dyson and Co. Limited 
Morgan Stanley btanortSonri 
Orion Boyal Bank Limited 

Wood Gundy Inc. 

August 1987 

ib Luxembourg &A. 

CIBC Capital Markets 

Wn Europe Umftad 
Fsy, Rkhwftdte (UJL) Limited 
btitute Bauario Sou Photo dl Tmteo 
Morgan Guaranty Ltd 
Nednksdn Credkthsak N.V. Amstcrdmo 
Wtstdeutadie Landesbank Gtnaatrak 


k s 

*. *»*!*& 

r- ^rsTTL^a 

•*' y*U :*<«p 
•**2.'** •* 

- ?££iS& 

*■■ - ' > *sT£§i? 

-■■■ 2-i-sf§ 

. :rs§58| 

• w 7* s «tir t *S-. 

Financial Times Tuesday Novbmbw 10. 1987 


August 1987 


Zealand's largest company, was 
last night considering its op- 
tions after the Commerce Com- 
mission turned down an appli- 
cation to take over its major 
competitor, NZ Forest products. 

Had the country’s anti-trust 
agency given the -go-ahead, the 
takeover would have been New 
Zealand's largest ever, * and 
would have produced a -forest 
products group of global stat- 

As It Is, Ghe decision, coming 
in the wake of New Zealand's 
stock market collapse, throws 
wide open the foture rel ation- 
ship between Fletcher, NZFP 
and Bade, an Investment group. 

' Fletcher, a local conglomer- 
ate with international interests 
in forest industries, currently 
has 17.4 per cent of NZFP and 
was tohave acquired another 12 
per cent from the AMP Sociely. 

the leading Australian institu- 
tion, if the Commerce. Commis- 
sion had approved the takeover. 

Rada owns- 44 ‘ per cent of 
NZFP, partof which came from 
Amcor, the Austr alian group 
whose own bid tat NZFP was al- 
so rejected earlier this year. 

NZFP, ' whose main interests 
also tie in forestry and forest in- 
dustries, has a cross-holding of 
25 per cent in Rada. The as- 
sumption was that Rada would 
have sold out to Fletcher if the 

deal was permitted. 

Fletcher applied to the com- 
mission for. permissi on bo th to 
increase its stake in NZFP to 35 
per cent and to 100 per cent, 
and put forward proposals to 
ensure. ah open mar ket in key 

The commission, in handing 
down its decision last Friday, 
rejected the proposals to count- 
er potential market dominance. 

The merged concern, it argued, 
would dominate the log use 
market, the manufacture of 
kraft pulp, and would become 
the conn try's sole producer of 
computer and photocopier pa- 

On the face of it, Fletcher's 
options now are to sit where it 
is, to appeal to the High Court 
against the commission’s deci- 
sion, and to enter into negotia- 
tions with Rada 

Signs of the course it will fol- 
low may emerge today when 
Fletcher bolds its annual meet- 
ing in Auckland, a year after 
first announcing its assault on 

• The Commerce Commission 
said yesterday it would conduct 
an extended investigation into a 
Brieriey Investments- (BXL). ap- 
plication to buyfall control of 
Petrocorp, the state-controlled 
energy group. Beater adds from 


The commission said the pro- 
posal could not. be cleared im- 
mediately because it raised im- 
portant competition issues. It is 
concerned about competition in 
the wholesale and retail mar- 
kets for natural gas. 

BIL already has a monopoly 
in retail gas distribution in the 
Wellington, Auckland and East 
Coast regions through Weighs 
Holdings, the commission said. 
Petrocorp is also a gas fran- 
chise holder at the retail level 
and directly supplies several 
major industrial users. 

BIL bought 15 per cent of Pe- 
trocorp earlier this year. A far- 
ther 15 per cent was floated to 
the public In August, and the 
Government has said it plans to 
sell the remainder by tender. 
Bids closed last Friday. 

Japanese textile groups stage recovery 




ByWong Sutong In Kuria 

sia's largest local banking 
group, has reported a 105 per 
cent increase In p ro ta r profits 
to 168.9m ringgit (V5f64.4m) 
for the year to June. 

Its results add substance to 
the view that the worst is over 
for Malaysia's banking indus- 
try, which was hit badly by the 
1984-86 recession and the col- 
lapse of the share and property 

Stressing this in a speech to 
a ha nkin g c o nference over the 
weekend. Tan Sri Jaffar Hus- 
sein, governor of Bank Negara, 
the central bank, said that for 

*- ’ Iiw.' 

- 1 



T1 •■'-tfs.ile- 

^ iqja 

3aj.~ti ( *- 13 , t 

*•’ w-" «? 


JAPAN'S leading textile manu- 1 
facturers staged amarked re- 1 
covery in the six months to Sep- i 
tember thanw -to rigorous 
cost-cutting measures, cheaper j 
imports and better prices for ] 
natural and synthetic fibres. 

Tegfa, the .largest of the com- 1 
panies ■ reporting unconsoli- ' 
dated interim figures yesterday, t 
said its pre-tax -profits jumped 
40 per cent from a year earlier t 
to YUbn Wll&Sm) even though- « 
sales dropped by 12 per cent to « 
Yl55bn. • | 

In addition to cutting costs, : 
Teijin boosted profits by YTOOm i 
in the period as a result of fi- 
nancial deals, known in Japan c 
as zaiteeh. Textile companies, 1 
like many other exporting sec- t 

tors hit by foe high yen, have 
been using zo&ec/i instead of in- 
vesting in their own businesses. 
This is- largely -because of the 
ahwn g Hi of the financial mar- 
kets until very recently. 

The appreciation of the yen in 
the period helped to push down 
Teijin's textile sales by 14 per 

Teijin, ' which is rapidly in- 
creasing its research and devel- 
opment spending on pharma- 
ceuticals, predicts that fall-year 
pre-tax profits will jump to 
Y32bn from Y25.lbn on sales of 
YSXObn against Y340bn. 

Toyota, a leading spinning 
company, also reported a sharp 
leap hi profits to Y6L2bn, thanks 
to cost-catting efforts and in- 

creased earnings from zaiteeh. 
Sales were Y145.8bn in the peri- 
od, which is not directly compa- 
rable with 1986 because of a 
change in year-end. The compa- ' 
ny said that cotton yam and oth- 
er textile product sales grew 
steadily as a result of a recovery 
fa natural fibre prices. 

For the fall year the com pany ' 
expects profits to increase to 
Y12bn on sales of Y295bn. 

Despite the effects of the 
strong yen on its exports, Unitl- 
ka, a leading textile maker, said 
that profits in the six months re- 
covered to YL9bn from Y842m 
last year. Sales dropped 2.4 per 
cent in the* period to Y120bn. 
The company said the improve- 
ment was largely the result of 

rationalisation efforts and re- 
duced fnventories- 
in the fiill year, the company 
expects profits to reach Y6bn 
against YLSbn and sales to 
touch Y250bn compared with 

Mitsubishi Bayun and Kuraray 
also showed profit increases 
yesterday, on the back of a re- 
covery in the synthetic fibre 
markets and zmtggh gains in the 
period. Mitsubishi Rayon 
boosted pre-tax profits by 22£ 
per cent to Y3.8bn, as sales 
inched ahead by LI per cent to 

Kuraray’s profits at the pre- 
tax level jumped by 52 per cent 
to Y2L2bn. Sales rose by &3 per 

cent to Y96bn. 

Further sharp rise by Premier Group 



*•' tOz KiatJs 

5i . -yv s:tl. 

iz: MTT-..-J rup 

PREMIER GROUP, the' diver- 
sifed South African food and 

milling group, yesterday report- 
ed a farther 66 per cent rise in 
pre-tax profits to B88.6m 
($45. lm) in the six months to 
September after a record 75.3 
per cent jump in the year to 

Mr Tony Bloom, the chairman, 
who declared a higher. Interim 
dividend of 50 emits per share . 
compared with 36 cents last, 
time, predicted a farther strong 
performance over the rest of the 
year "unless there is a material 
d owntr e n d in consumer spend- 

Uncertainly engendered by 

the stock market collapse has 
meanwhile induced the board 
to delay a final decision on the 
proposed separate listing of the 
company's food interests. A fi- 
nal decision will be made sub- 
ject to market conditions pre- 
vailing in the new year. 

'Interim turnover rose by ,19 
per cent to RL52bn from 
RL27bn to produce a 36 per 
cent higher trading profit of 
R97.3m compared with R7L7m 
in the same period fast year. 
Net earnings roseby 55 per cent 
to R52ihn from R84.Xm - on a 
per-share basis the gain was 
somewhat more muted with an 
outcome of 1049 cents against 

70l 9 cents. 

All the trading companies in 
the group contributed to the im- 
proved performance, especially ' 
the core food businesses which 
the group* proposes to hive off 
into a separate quoted company 
to be called Premier Foods. 

- -A '32 per- cent reported in- 
crease in earnings by South Af- 
rican Breweries in the first half 
contributed to the rise in divi- 
dend income to R16.3m from 
R14Bm and a rise in the share . 
of retained earnings of assoc i- . 
ated companies to R25Jftn from 
R17.8m. Premier is indirectly, 
controlled by Anglo American 
Corporation, the country's big- 

gest mining house. 

•Nampak, the Barlow Rand 
group’s paokaging arm, in- 
creased real sales by &2 per 
cent in the year to September, 
as demand improved and the 
company increased its market 
penetration, Jim Jones adds. 

Consolidated turnover, which 
includes sales by the Metal Box 
subsidiary, rose to R2.07bn, 
from RL73bn, and pre-tax prof- 
its were R23L4m compared 
with R159.7m. 

The year's dividend has been 
raised to 100 cents a share, from 
79 cents, on net earning which 
increased to 228 cents a share 

from 174 cents. 

This advertisement is issued in compliance with the 
*‘i re q mi d B WH s of THfrStock Exdamgc attd dMfrtaat eangtituteen 

t Central Norseman' Cold 

First loss for Makino Milling 


MAKINO MILLING, a leading 
Japanese machine tool builder, 
has suffered its first loss since 
listing its shares in 1964 and 
the directors have decided to 
pass the interim dividend. 

Sales tumbled 149 per cent to 
Yl&lbn C$133£m) in the six 
months to September because 
of the combined effect of a 
slump- in plant investment by 
Japanese manufacturers early 
this, year and export restraint 
Japanese machine tool builders 
voluntarily agreed last year to 
reduce exports to the US. 

These declines plus a YLSbn 
exchange loss resulted in a 
pre-tax loss of YL7bn in the 
first half compared with a profit 
of YL02bn in the same period of 

** . .-<5 

. 4 .f 

Notice to Warranthoktefs of 

Nippon Oil & Fats Co., Ltd. 

U ^.$70,000,000 1 3/8 percent. 

Guaranteed Notes 1992 with Warrants to subscribe for 

shares of common stock of Nippon Oil & Fats Co. ( Ltd. , 

Notice is hereby given that with respect to the issuance of now shares for. free distri- 
bution authorized at tha meeting of the Board of Directors held on 4th November, 1987, 
the shareholders appearing on the register of shareholders of the Company as at 3:00 p.m. 
on 30th November (Monday), 1987 (Tokyo time) (therecord dats)-wlH be allocated one 
(1) new share for each twenty (20) shares owned; and as a result of such authorization of 
free share distribution the following adjustment of. the subscription price for the Warrants 
shall be made pursuant to Condition 7 of the Terms and Conditions of the Warrants: 

(1) Subscription price before adjustment: ¥1,41£per share 

(2) Subscription price after adjustment: ; . ¥1,347.6 per share 

(3) Effective Date of the adjustment (Tokyo time): - 1st December, 1987 

10th November, 1987 

Nippon Ofl&Eats Co^ Ltd. 

10-1 , Ynrakucho 1-cbome, Chiyoda-kn, Tokyo 

last year. • 

Makino said its results were 

meot. costs associated with the 
introduction of hew products. 

The company expects some 
recovery in the second half It 
said orders received in August 
showed the first yearvon-year 
rise in 22 months- However, a 
pre-tax loss of Ylbn is forecast 
for the fiill year. 

Although the interim divi- 
dend is being omitted (last year 
it was Y2.5 per shareX the direc- 
tors plan to pay an unchanged 
final dividend of Y5 a share.. 

• Pre-tax profits of Sumitomo 
Electric Industries, Japan's 
leading electric cable maker, 
rose by 2J> per cent to Y10.4bn 


S pa- ant Notes Doc BBS 
wkh lurati to Ekbaeribo 

fcr Shares flfCasMNa Stock 



Pwwmnt ’to Condition 11 and Condi- 

in the six months to September, 
In-spite ofa 1.1 per cent drop in 
sales to Y258.3bn. 

The company said the dip in 
sales was due to a fall in over- 
seas orders and to lower sales 
of -powdered alloys to ship- 
builder? and steelmakers. Elec- 
tric cable sales were flat while 
those of electronic -materials.' 
and other products rose. 

Net profits were np by 7.8 per 
cent to Y6£bn and earnings per 
share were &5 per cent higher 
atY9.39. . 

The company has revised up- 
ward its profit projection for 
the fall year, from Y22bn to 
Y24bn, as it expects .to benefit, 
from government measures to ' 
stimulate the economy.. 

Halifax BuOdmg 
Society t, 

floating Rate loan Not«« lN9« -v 

lor the three month period Iran.., 
6 Nov i-mbcr. 1987 ro 8 hefaruery, 1988 
ihc Notca will bcprjgieff* aj %iate ; 
oT 8.975 prfccnLl per annum. 

The Coupon nnourts wil bc- 

£.1 15-25 per £.5.000 Note and 

. tl l 152 . 51 P 9 rI 5 (Wq 0 Tfctt 

payable on 8 Kib^aiy, i9B& ; ’’ 

Morgn Grtnftfl ft Co. Lonhed 

AgntBdkk J 

BooksWfdt ChristRtite 
Bind Featfflt - ; : 
in the 

Weekend FT - 
21st Nevember 1987 

For Advertising . . .. 

Details Ccwaa • ** : 

Sue Mathieson - * * V i 

Financial Times . ... 

Aubert & Duval S.A. 

and other European investors 

9 ■ - . 

have acquired 

Special Metals Corporation 

Astrotech International Corporation 

We assisted in initiating this transaction, arranged 
die financing and acted as financial advisor 
do Aubert & Duval S_A 

PaineWebber Incorporated 

Se p tember 1987 

Lewmar pic 

has been acquired by 

Benjamin Priest Group pic 

HEb acted as financial advisor to 
Lewmar pic 

Paindtffebber Incorporated 

•-'1' ■* t *tfy jf 
I •*» ■'■'l' 

September 1987 

Smidi & Nephew 
Associated Companies pic 

•1'. -.n' -■»- .- 

has acquired 

Sigma, Inc. 

initiated this transaction on behalf of 
Smith & Nephew Associated Companies pic 

PaindWfebber Incorporated 

September 1987 


has acquired 

Datron International pic 

We assisted in die negotiations and acted as 
'financial advisor to Wavetek Corporation 
in this transaction. 

Pain^febber Incorporated 

Financial Times Tuesday November 10 1987 


Cofide share 

By Our R na nchd Staff 

the holding company 

Italian entrepreneur and bead 
of Olivetti, has acquired major 
new shareholders. The compa- 
ny said Generali, Italy's largest 
insurance group, has acquired a 
3 per cent stake and the Pirelli 
tyre company has taken a 5 per 
cent interest 

Banks reject Fouad debt offer 

A GROUP of four banks suing 
Abdulla Fouad and Sons, the 
Saudi construction and trading 
group, for 13L2m riyals C$35m> 
in Saudi Arabia has turned 
down an oufc-of-couit offer to 
reschedule payments, - Beater 

reports firm Bahrain. 

Bankers based in the Gulf 
said Abdulla Fouad had offered 
a multi-faceted deal which in- 
volved stretching out payments 
on its debt over a 12-year period 
with no down-payment 

The attempt to negotiate a set- 
tlement oat of coart was ac- 
knowledged by bankers, but one 
described the offer as “woefiUly 
unreasona ble.* 

The company, based In Dam- 
mam on the Saudi east coast 
confirmed that the offer had 
been made to the hanim and 
said the repayments schedule 
matched its ability to pay. 

The four banks. Citibank, 
Bank of America, Arab Banking 
C or por a tion CABO and Bank of 

Bahrain and Kuwait (BBK), 
filed the ease in a Dammam 
court in Kerch to reclaim debts 

*B«S«nEw i Swibed the 
suit as a test ease ibr banka, 
whose attemp ts to recoup debts 
through the Saudi legal system 
have so tax been largely frus- 

The Damnum court, the Ne- 
gotiable Instruments Commit- 
tee, held its fifth hearing on the 
ease on Sunday. 


are aimed 

TWs announcement appears as nmattor of record only 


Revolving Credit Facility 


Swiss Bank Corporation International Limited 

Lead Managers 

Atgemene Bank Nederland N. V. 

National Westminster Bank PLC 

Swiss Bank Corporation 

Co-Lead Managers 

Bank of Montreal BanqueNationaiede Paris 

Canadian Imperial Bank of Commerce Commerzbank Aktfengeseilschaft 

Credit Lyonnais Credit Suisse 

Generate Bank The Industrial Bank of Japan, Limited 

Nederlandsche Middenstandsbank NV Westdeutsche Landesbank Girazentrale 

Westpac Banking Corporation 

at helping the market achieve 
stability as nataraUy as possi- 
ble,' said Mr Odfaa. "Every- 
thing indicates that share 
prices are in the final stage ef 
readjus t me nt that began a few 
weeks age, and that this is the 
right moment far the Govern- 
meat to aet by strengthening 
the -self-regnlatiag meehs- 
aisms of the market.' 

The Uibra exchange hs- 
tures only about IN d o mesti c 
firms and the smaller Oporto 
market has about 7ft No P art e 

Wnr out of five of Portu- 
gal’s Investment funds (unit 
toasts) are temporarily sus- ’ 
pending redemptions and new 
issues until prices on the stock 
market stabilise. Beater re- 
ports from Lisbon. 

Hr Lais Salas, director of 
Fnado Invest, which Jus a 
portfolio of EscdSbn, said the 
decision was taken after the 
Ftnimee Ministry said limits 
•n share price movements 
would stop this week. TUs ft 
to protect eur Investors and 

prevent speculation," he said. 

Fund managers are con- 
cerned Out share values wfn 
fall sharply on Thursday when 
restrictions on the market are 

Mr Salas said the only invest- 
ment fond sot suspending its 
operations was Multipar, a 
small, new tend. 

raises 5500m 

By Alexander fflcoK 


Banco Di Roma 

BBL, Bank Brussels Lambert 

Barclays Bank PLC 

The Fuji Bank, Limited 

The Bank of Nova Scotia 
Banque Paribas 
Credit Agricole 

Agent Bank 

Swiss Bank Corporation International Limited 
November, 1987 

jb|& Swiss Bank Corporation International 

Credit Suisse First Boston. 

Though the entire facility 
will be committed funding, 
with an uncommitted tender 
pond. It will be divided into a 
$3Mm Initial tranche and a 
separate $2Mm optional 
tranche. The borrower will 
have six months from the sign- 
ing to say whether or not It 
wants the latter portion, if it 
does, the facility will be 
merged to tent a $5t0m finan- 
cing. - 

Combustion Engineering, 
which has an A1 short-term 
rating and an A2 long-term rat- 
ing from Standard & Peer's, 
will pay 22 basis points above 
London interbank offered 
rates. Commitment fees are t 
basis points on the ’’available'' 
half of the g3Mm tranche, 7 ba- 
sis points on the 'unavailable^ 
halt and 8 basis points on the 
optional fZ66m until the op- 
tion is taken up or b«»w(I M 
There Is a complex front-end 
fee structure. 

The financing will replace 
two existing facilities totall y 
8315m and if the option is tak- 
en np it will also replace a 
ISOta domestic credit. 

Austrian bank five-year 


A SUCCESSFUL 8200m five- 
year Eurobond issue for Oesler* 
reSchische Ksntrotibant yester- 
day underlined European in- 
vestors* current willingness to 
buy high quality paper despite 
the weakening dollar. 

The issue suited the market 
because, like a $2S0m three- 
year bond for the Republic it- 
self launched last week, it was 
launched Into the shorter end of 
the yield curve and was ef sov- 

34£2 per cent back to the mid- 
September level. A total of 
•MAM shares, worth EseA3htt 
(831 Am), were traded last 
week, compared with L2m 
shares worth EsclAIbu in the 
first week of October. 

The Banco Tatto e Aceres in- 
dex, which hit a high of SjStZ.7 
on October •, was down almost 

to per cent to 4A8&2 last Fri- 

The Government has also 
taken steps to encourage banks 
to take a mere active role on 
the stock market by abolishing 
limits mi lending linked to the 
■amber of shares they held. 
Similar limits imposed m in- 
surance companies are also to 
be revised. 

Until now hunks have had to 
get authorisation from the 
Gov ernm ent to buy shares. In- 
surance companies have been 
allowed to hold a percentage ef 
their portfolios in shares. 

Thu means it fits the invest- 
ment criteria of central banks, 
flush with dollars after their 
substantial intervention 
operations in the foreign ex- 
change market. 

It should also appeal as a re- 
investment vehicle for Europe- 
an retail Inves t ors who sold 
many of -the Eurobonds hi their 
dollar portfolios as the curren- 
cy fell last month. 

Over the last week, yield mar- 
gins on sovereign paper have 
been narrowing again ps inves- 
tors have moved in to pick up 
cheap bonds. \ 

Oesterre ichische KontroQ- 
bank’s Mb per eent issue, priced 
at 1<H*4 to give a yield spread 
over US Treasury bonds of 70 
basis points, traded within the 
foes attracting steady retail in- 
terest It was led by . Banque 
Paribas Capital Markets. 

Dealers said it had not proved 
tiie 'blow-out* success that Aus- 
tria’s bond had been. Bnt Aus- 
tria's issue had been generously 
priced at a yield spread of 75 
basis points over the curve- By 
yesterday this had narrowed by 
about 20 basis points. - 

In the secondary Eurodollar 
bond market prices drifted low- 
er by up to W percentage point 
in line with the US Treasury 
bond market and in thin profes- 
sional activity. 

Dealers said the market was 
still focussing on the slow prog- 
ress of the White BOose-Cozi- 
gresaional talks on moans of re- 
ducing the budget deficit To a 
lesser extent, the approach of 
Thursday's US September trade 
figures was also weighing on 

The Eurocterlipg market 
posted price gains of up to 1 % 

points in the lOyear area in the 
wake of weekend comments by 
Chancellor Nigel Lawson that 
the UK government was pre- 
pared for farther interest rate 
cots to ensure continued British 
economic growth. Last week, 
UK base rates were cut by-% 
per cent to 9 per cent ; ■ 

A new fiOOm mortgage-back- 
ed bond emerged, bringing the 
total issued in sterling this year 
to £lbn- This was for Domna 
Mortgage Finance No h a spe- 
cial purpose vehicle for Chemi- 

^international " 1 


cal Bank's UK mortgage lending 
su bsidiary , Chemical Ba n k 
Home j-mm*. The issue, which 
is expected to be rated Triple A, 
removes the mortgage l e nding 
from Chemical’s balance sheet 

The bond matures In 2014, but 
has an expected average lifo of 
between five and seven years. It 
pays 35 basis points over three- 
month London interbank of- 
fered rate rising to QJ50 per 
emit after 10 years. Priced at 
par with foes totalling 50 basis 
points, it traded at around less 
45 bid. The issue was led by 
Chemsecurities, the trading 
arm of Chemical Bank Interna- 
tional. . 

Last month Chemical an- 
nounced its withdrawal from 
primary Eurobond market ac- 
tivity- But Mr Guy Heald, a man- 
aging director of Chemical 
Bank, said yesterday that Cbexn- 
secorities would continue to 
leart-manage issues if clients re- 
quested it He said the new 
mortgage-backed bond would 
be traded by Chemsecurities’ 
Eurobond dealers (who now 

number about eight) and Us 
sterling money market desk. 

prices of both domestic and 
Euro D-Mark bonds closed 
higher, with domestics gaining 
about V* point and Euro supra- 
national issues about points. 

Anew DK 2 bn 6% percent 20- 
year bond for the retail Gov- 
ernment appeared. It was 
priced at 100% to yield A31 per 
cent The issue cheered the 
market as it was half the size of 
normal Federal bonds, al- 
though there was some disap- 
pointment that the issue price 
was not lower.- 

The Bundesbank is expected 
to replace some of the 
DlttSAbn which it is draining 
from the market this week, at a 
rate of A50 per cent Last week, 
DM7bn was drained from the 
market but not replaced. 

Dresdner Bank announced a 
DK200m seven-year 6 per cent 
bond for Banque Ft ancri ie due 
Commerce Exteriear, callable 
from 1968 and priced at par. The 
bond was quoted by the lead- 
manager at less LX5 bid, com- 
pared with 2M per cent foes, it 
yields around ABO per cent at a 
discount of 1)4, close to the 
yields ef government bonds of 
C om pa ra ble maturity. 

The Swiss franc foreign bond 
market sow enthusiastic buying 
yesterday, with investors con- 
tinuing to shift from equities to 
bonds. Prices rose by about V4 
point in active trading. A 
SFrlSOm fik per cent seven- 
year bond for Kyushu Electric 
Mower closed its first day’s trad- 
ing two points above its par is- 
sue price. 

Credit Suisse led a SFi60m 
three-year 4% percent bond for 
Volvo, priced at par. The bond 
was quoted in the grey market 
St issue price offered. 

NYSE seats for Germans 

ABD NY, a Jointly-owned sub- 
sidiary of Dresdner Bank and 
Bsyerische Hypotheken und 
Wechselbank, has bought five 
•eats on the New York Stock Ex- 

Wolffeung Roeller, 

Dresdner’s chief executive, said 
that ABD would start floor brok- 
ing activities immediately with 
a share capital of 87 An. it is a 
subsidiary of ABD Securities 
Corporation New York, 75 per 
cent held by Dresdner and 25 
per cent by Hypo-Bank. 


nfe for amk ton n m 

Vh 93 -0,40% 9M1 

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a-*aa.:a ss 

9W.ID^-KVa+lV vm 


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1CTP, *0, +0* 8.95 
94%H1%+0V 9M 
94% 94%40%4O% 834 
92 92% 40% 40% 931 
97* 97*40% +1 9J3E 
93% 94% 40% 41% 871 
91%4O%40% 931 
90* 92% 40% 41% 93 
92% 93% 40% 4-1* 933 
98% 98% 40% +2% MS 
88% 88% -0% 4-1% 9S] 
92% 93% +1% +Bm 933 
04% 104% 0 0 83 

102 102% 0 *0% 9.91 

98% 99% - 6*0% S3 
99% 100-0% 0 831 

87% 88 0 4-11013 

94% 95% 40% 40% 

89% 90% 0-0% HUB 

a 92% 40% 41 93 
96% 40% 41 93a 
87 87% 40% 4-1% 1029 
flO 98% +0% 0 830 

90% 91% 40% 41% 

«a 93% -0% 40% 

95% 95% +0% +1% 

91% 92 040% 

9ft 96% —0% ♦!% 

02% 102% 40% *1% 

00% Ml 41% 41 
04% 105% 40% 41% 

v asta 

103 103% 0 -t-1 

S 94% 40% 41% - 

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99% 95 +0% +1% 

S 98% 40% 41% 

90% 40% 41% 

9nt 93% +0% +1% 

07% 208% +0% 4-2% 

83% 94 40% 41 





• 50 
. 15 
‘ 50 
75 95% 
50 t96% 
100 t102 
75 797% 
100 99% 




040% 639 
0 41 6J77 
0 40% 6.99 
40% 40% 531 
040% 601 
-0% 41% 484 
042% 6*0 
40%41% M2 
-0%+0% 631 
0 41% 644 
040% 632 
040% 642 
+0% 42 636 

40% 41% 659 
40% 41% 6.91 

40 % 40 % 677 

-0%+l% 678 


40% 41% 539 
+0%+0% V80 
— 0% +B% 670 
' 0 40 % 539 
041% 6.95 
0 41% 630 
40% +1 668 
-0%4«, 685 
-0%4^ 636 

Tk rn* 

i 1 -T I-V nnS f, l a W 


- V '•'J V .-:* " 

one Mnawi 

i 97 43% -0% 675 
SB%40V-0% 662 

- 95% 040% 53V 

! 95-1% -5% 23ft 

I 84 4Z% -) 4.93 

- 99 40% 41% 570 

I 97% -1% 4A 506 
1 97%-0%4Z% 500 

1 90% 0 fl 320 

! 91% -0% 40% 536 
, 101% -0% -0% 4.98 
: 97—1% • -Z 609 

99% 40% 41% 433 
! 98% 41% 41% 113 
92% 0-1% 177 

JOO%+I%4l% 468 
9940% 41% 4.15 
99% 0 41% 112 

99 42% 42% 479 
9641% 4? 145 

( »umi 

Ml el 



tone S' 

CV-1" 1 1 - ' I X 1 1 


*i b l>i|' 

r p. . 
i. i . 

r v, 

n mi 
*» *- 

.■at! ia - 

The shock waves that so dramatically 
rumbled through the world’s stock mar- 
kets are bringing investors back to the 
fundamentals. No investment is more 

fmdan^ntal than gold.,, . U 

Why gold? Because gold is a pre- 

virtually all forms of financial investment 
are being called into question. Given this 
overwhelming uncertainty, the shrewdest 

pendently of strictly financial instru- 
ments. Gold can be your personal hedge 
against trade deficits, budget defi- 
cits, tight money, loose money, 
inflation and other political and 
economic uncertainties. 

Building up and 
maintaining one’s per- 
sonal assets naturally 
implies risk - es- 
pecially today, when 

provides the solid bedrock on which to 
build a strong, more effective investment 

Start today to build up your per- 
sonal reserve of gold bars or gold bullion 
coins, in complete confidence and 
confidential ity. 

See your bank or gold 
bullion dealer., or write for your 
free copy of the “European 
Guide to Gold” to: Gold 
Information Centre 
B.P. 351 CH-1211 
Geneva 3 Switzerland 

F 19 

can trust. 




Amersham disappoints market with £ 11.7m 



Amersham International, the 
manufacturer of radioactive 
materials which came to the 
market in 1982 In one of the 
Government's first privatisation 
issues, yesterday disappointed 
the City with a 12 per cent in- 
crease in interim pre-tax prof- 

At £lL7m, taxable profits for 
the six months to the end of 
September were below ana- 
lysts’ forecasts of between £12 
and £l2.Sm. Although earnings 
per share were more in line 
with expectations, at 14.4p 
against I2.4p, the shares feu 
sharply, ending the day 62p 

The fell was exacerbated fry 
fears of the group's exposure to 
currency fluctuations. Approxi- 
mately 90 per cent of its turn- 

over derives from overseas and 
Sir John Hill, chairman, con- 
ceded that the declining US dol- 
lar made Amersham increasing- 
ly vulnerable to competition 
from US companies in its prin- 
cipal markets. 

Operating profits rose by 15 per 
cent as well, by £L68m to 
£13. 11m. 

*As always, Amersbam's re- 
sults will be subject to the ef- 
fects of exchange rate move- 
ments,* Sir John warned 
analysts. Although the currency 
effect had been broadly neutral 
in the first half, he said that it 
would be impossible to avoid an 
impact in the second half 

No divisional breakdown was 
given, but the company said that 
margins had improved in medi- 
cal and industrial products. Re- 
search products continued to 
experience selective price com- 
petition, predominantly in Ja- 
pan, where Amersham had cut 
its prices In order to retain mar- 
ket share. 

Sales across the company's 
three divisions were at record 
levels, and overall margins 
were maintained on turnover 
ahead by 19 per cent to £79.4m. 

Sales of the Amerlite non-ra- 
dioaefcive diagnostic system 

were running according to plan, 
the company said, and made a 
contribution to profits before 
research and .development ex- 
penditure. Overall, this amount- 
ed to 10 per cent of group sales. 

The interest . charge rose by 
£395,000 to £L41m, but tax fell 
from 35 to 34 per cent of taxable 
profits. Minority profits were 
£429,000 (£536,000), and the in- 
terim dividend was raised from 


The 17 per cent foil In Arner-. 
sham's share price yesterday 
seems unjustified on the. basis 
of the figures alone, which at 
the pre-tax level were only mar- 
ginally short of consensus fore- 
casts, and in line with expecta- 
tions after tax, interest- and 
minorities. But under present 
conditions, investors need very 
little excuse to sell, and cell 
they did after the company con- 
ceded that currencies were 
bound to have an adverse effect 

on profits in the second half 
The more sober analysts had 
worked this out for themselves 
earlier this year when Amer- 
shom detailed theprice-cnttfog 
tactics of a US competitor in 
Japanese research markets, and 
their estimates for the fall year 
were little changed at£24-£25m. 
That puts the snares on a pro- 
spective p/e of around -10 - low 
for a company which has gener- 
ated 19 per cent compound 
growth in sales and profits in its 
5 year stock-market career. But 
the derating is understandable: 
practically all of its costs are in- 
curred in sterling, and 90 per 
cent of Its revenue is earned in 
other currencies. And if the gov- 
ernment does not redeem its 
golden share next March, there 
will be no prospect of a bid. 

Virgin’s £27. 7m beats City expectations 


£24m dental 

Virgin, entertainment group, 
yesterday pleased the market 
when it reported 1987 pre-tax 
profits of £27.7m, excluding dis- 
continued businesses and ex- 
ceptional items. The figure was 
between ram and £3m ahead of 
most expectations. 

The profits -45 per cent up on 
the £19. lm for the year to July 
31 1986 - were struck on turn- 
over of £279. lm (£l88s6mX Earn- 
ings were 20 per cent ahead at 
8.77p and the final dividend in 
the company’s first year on the 
stock market was l-8p. 

The music division, which en- 
compasses record companies, 
music publishing and recording 
studios, improved its perfor- 
mance after a first half in which 
profits fell. It made pre-tax 
profits of £20.3m against £20. lm. 

Mr Richard Branson, chair- 
man. said that the increase was 
achieved in spite of start-up 
losses in the US of more than 
£Lm. The US is targeted as the 
major area of growth for the di- 
vision. which is hoping to in- 
crease market share from nil a 
year ago to about 5 per cent in 

between five and seven years. 
The Virgin label is also being 
launched in Japan. 

Retail and property increased 
its contribution from £300,000 to 
£4_6m. Mr Don Cralcksbank, 
manag in g director, conceded 

that the undisclosed retailing 
profits had been "slightly disap- 

This year is likely to be a year 
of consolidation. The number of 
retailing outlets will increase 
from 102 to 115 but most will be 
s mall. The company is, howev- 
er, opening two megastores in 
Sydney and Paris. 

The communications division, 
which takes in film entertain- 
ment, television and video ser- 
vices, broadca s tin g and pub- 
lishing, raised profits fivefold 
from £L3m to £8.4m. This was 
assisted by a reduction in video 
prices in the UK which led to an 
"explosion* in toe market* and 
the company believes the same 
can happen overseas. 

Mr Trevor Abbott, finance di- 
rector, said group gearing was 
about 45 per cent Pre-tax profit 
returns on assets was 38 per 

Mr Branson said turnover in 
the first quarter this year was 
significantly higher than in the 
same period last year. 

When the exceptional item, 
which resulted from the sale of 
part of an investment in the Mu- 
sic Channel, and profits from 
discontinued businesses are in- 
cluded the pre-tax profits were 
£3Llm (£15.5m). After tax of 
£12. 8m (£7 J2nO earnings were 
MLlOp (5.7p). There was also an 

was launched amid- a flood of 
publicity on the market a year 
ago. Part of the shares’ onder- 
perfonnance can be attributed 
to the feet that though Mr Bres- 
son’s high-profile image goes 
down well with the public it is 
viewed rather more conserva- 
tively from the City. But there js 
also a perception that such a 
fashion-oriented business may 
be prone to volatility. These fig- 
ures should help to dispel that 
image. Particularly impressive 
is the music division, which 
managed to increase profits, if 
only marginally, in a year when 



Beckitt & Caiman, the food 
and household products group, 
is to a large bite out of the 
West German market for den- 
ture fixatives and cleaners by 
paying DM72Jfcn (£242m) in 
cash for most rights to the Ku fc i - 1 
dent brand owned by Richard- 
son, the Procter and Gamble I 

Beckitt, whose denture prod- 
ucts include Steradent, will ac- 
quire brands with more than 50 
per cent of the fixative market 
and 20 per cent of file cleaning 
market. The West German Car- 
tel Office forced Richardson to 
sell some of its business in the 
wake of its US parent's pur- 
chase of Blendax, another West 
German toiletries company, in 

The acquisition will increase 
Rectifies presence in West Ger- 
many. which at present is signif- 
icantly underweight In the year 
to June 30, fiie KuMdent 
operations in question achieved 
profits of DM28m (£9.4m) before 
tax and other expenses. 

The deal includes one of Kn- 
kidenfs fixative brands. Die 
Blaoen (The Blues), but not the 
larger. Zwei Phases (Two 
Phases). However, Beckitt will 
continue to supply the latter to 
Richardson from the factory it 
is buying at Weinheim, near 

only five of the top 21 acts 
brought out albums. The perfor- 


Richard Branson - good first 

e x traordinary £4.6m. largely 

arising from the sale of Vligian 
Atlantic Airways and other 
companies before flota- 

manca adds weight to Virgin’s 
argument that it now has 
enough bands and a large 
enough contribution from back 
catalogues, providing about a 
third of turn over, to ensure con- 
stant growth. The trend will be 
helped as more US artists are 

signed up. In retailing, which 
probably contributed about 
£3m. Virgin still has work to do 
to improve the margins but com- 
munications is building up mo- 
mentum. Assuming pre-tax prof- 
its this year of £35m, the snares 
are on a prospective p/e of 
about 1(L 


Shareholders have not had 
the easiest of rides since Virgin 

TI holders back board 

W The Royal Bank 
7HC of Scotland Group pic 

over Bundy withdrawal &S 


£ 200,000000 

Floating Rate Notes 2005 

in accordance with thelerms and Conditions of the 

Notes, notice is hereby given that for the Interest Period 
from 6th November; 1 987 to Qth February 1988, the Notes 
will bear a Rafceof fnterestof per annum. The 

will beer a Rateof Interest of d'9ie96 per annum, 
amount of interest payable on 8th February 1988, will be 
£1 1 4.77 per £5,000 Note, and £1 147.71 per £50,000 Note. 

Agent Bank 



AMrvsHC* inf BovAi sam of ccuriftWcnouP 

TV Group shareholders yester- 
day followed their board’s ad- 
vice and vpted .overwhelmingly 
not to proceed with the pro- 
posed 9144m (£81m) takeover of 
Bandy, the leading US maker of 
tmaUrdlameter tutting: ^ 

. The ' British engineering 
group believed the vote - which 
automatically terminated its 
cash takeover offer - would give 
it a “bullet-proof defence 
against law-suits filed in the US 
over the last-minute decision to 
withdraw the bid in the wake of 
the market crash and the uncer- 
tainly fa cing the US motor in- 
dustry, Bundy’s main customer. 

TI was feeing at least two suits 
filed in US District Court in Mi- 
chigan where Bundy was based. 
One, a 'class-action* on behalf 
of all Bundy shareholders, al- 
leged violations of US securi- 
ties laws and breach of con- 
tract It sought $75 m in 

damages. The other, filed by 
Bundy itself alleged breach of 
-contract . . 

Mr Bonnie Utiger, TI chair- 
man, said the company’s with- 
- drawal was based on UK legal 1 
advice that directors’ fiduciary 
doty to shareholders included j 
giving an up-to-date opinion 
that the takeover was still in 
their best interests. 

US lawyers had advised that 
TI would fere no liability if 
shareholders refused to sanc- 
tion fiie takeover, as such ap- 
proval was a condition of the of- 

At yesterday’s extraordinary 
meeting, adjourned from Octo- 
ber 28, the takeover was unani- 
mously rejected on a show of | 
hands after Mr Utiger said he 
had proxies from 58m shares 
opposing the takeover, com- 
pared with only L6m shares in 

Richardson will retain the 
rights to KuUdent outside West 
Germany - with Austria and 
Switzerland the only other sig- 
nificant markets. 

Beckitt wiU pay DMSLfim . on 
April ! and DHftUfen on July 3L 
It wiU pay an. additional sum for 
trading stocks. 


stake in Benlox 

Dr Ashraf Marwan, fiie Egyp- 
tian, financier who is acting in 
concert with Benias Holdings in 
its all-paper bid for Storehouse, 
bought a further 604)00 Benlox 
shares on November 6 at a price 
of 44p, liffing his holding to 
9.434m shares <228 per cent). 

MRS loan facility 

Sometimes you’d think this 
Swiss private bank is dealing with the 
causes before the effects appear, 

for £Sm 

By Um Wood 

Woolworth Holdings is paying 
£8m cash for tee Ultimate elec- 
trieal retailing division of Har- 
ris Queens way, the troubled 
carpets and tarnishing group. 

It «m integrate the 94 out- 
lets with Comet, its electrical 
retailing subsidiary, consoli- 
dating its position as Britain's 
second largest electrical re- 
tailer after the Dixon group. 

When Harris Queensway an- 
nounced its interim results . 
last month it hinted that It 
might consider selling Ulti- 
mate. The electrical business 
hod been built up over the past 
few years .since Woolworth 
topped Harris Queenowaj's bid. 
for Comet in 1984. Ultimate 
was made op of a couple of 

businesses, including Rayford 
Supreme which Harris Queen- 

Supreme which Harris Queen- 
sway bought for SXBJtm in 


For fiie year to January 23 
1987 Ultimate made a net loss 
of SSJn on turnover off 
£M4fe. At the interim stage 
thi» year Harris Queensway 
said teat the 127 Ultimate out- 
lets made a loss In file first 
half year greater than In- 
curred ip the same ported last 
year. The problem, said Harris 
Q u e en sway, was critical mass- 
in a fragmented marketplace 
dominated fay Dixon and Com- 

Harris Quecasway, which la 
te address the prob- 

lem* of its Qneeuswxy group, 
sold yesterday teat the safe 

•Mrs Blair Barnes has been 
^pointed managing director 

Wtelworths high street 
data. She succeeds Mr Mal- 
colm Parkinson who left his 
poet suddenly last week. Mrs 
Barnes kas been head of one of 
the five specialise! units with- 
in the Mores group. She joined 
Woolworth Holdings to 1985. 

MBS, computer equipment 
supplier, has arranged a £26xn 
loan tecility in the form of a 
£16m s y ndi ca ted loan and a 
£10m overdraft facility. 

Financial Times Tuesday November 10 1987 

Prestwick cuts 
losses by over £2m 


* - 4<* 

Prestwick Holdings, maker of 

printed circuit boards, showed 
1 a significant improvement in 
the year ended July 31 1967, cut- 
ting its losses from £?>28m to 

- At the trading level it moved 
from a loss of £938,000 to a profit 
of £76i,000, and was then fur- 
ther boosted by an exceptional 
credit of £94*000l 
The directors reported that 
the order book In October was 
the highest for nine months. 
The market remained competi- 
tive but the trends were encour- 

- They were reviewing the fu- 
ture strategy and direction of 
the business, they added, llr 
David Simpson, a non-executive 
director, has become chairman 
in place of Mr Eric Miller, who 
has left through 'ill-health. Mr 
Douglas McKenzie has become 

executive director responsible 
for operations. 

In the year turnover expan- 
ded to £19.8m (£14.84mX Depre- 
ciation was £2. 06m (£L82m)and 
finance costs £6744)00 (£628,000), 
While on the credit side were 
regional development grant. re-, 
leased £451,000 (£4334)00) and 
selective assistance grant 
£405.000 (£655,000). There was 
no tax (credit £865.000) and loss 
per share came down from 7.1p 

The exceptional credit above 
the line comprised adjustment 
for re-appraisal of useful lives 
of plant and machinery 0.13m, 
less employee termination costs 

There were extraordinary 
debits of £588,000 mainly relat- 
ing to the discontinuance of the 

solder-wrap activities of Pres- 
twick Circuits. 

3* ‘ 

t . . •.*> 

CH Bailey recovery goes on 

C H Ballsy, ship repairer and 
engineer, continued its recov- 
ery in the second half of 1966/87 
with pre-taxprofits for the Axil 
year to March 27 emerging at 
£308,625 compared with £180fr98 
for the previous year. 

. The profit was struck after 
taking account of exceptional 
income (investment grants) of 
£86876 (nil) and the share of 

loss of its associate of £168,770 

Turnover for the year totalled 
£5. 35m (£3 -25m). There was no 
tax charge but minority losses 
rose to £9,437 (£1,387) leaving at- 
tributable profits of £408,062 
(£182,085) for earnings of 0i68p 
(0-3O3pX There is again no divi- 
dend - the last payment was in 
May 1080- 


said yesterday teat the sale 
was In line with its strategy off 
wmenintfaiff reso ur c e s en its 
cere businesses. The pro ce e d s 
of the sale will he used te re- 
duce tee group's shortterm 
borrowings. . 

Woolworth is acquiring 94 off 
tee 127 Ultimate stores. Those 
outlets hot sold will be closed 
fay Harris Queenswhf and the 
s pac e us e d lor other purposes. 

Date Cones - Total Total 
Current of ponding for last 
payment payment div year year 

Blenheim Exhibfi _fin 295$ 
Future Holdings ~ant 2 JS 

Hartwell — -int 0.75 

Health Coreff tot 03 

Hunting Group __Jxxt 2 

Prestwick Hows —fin nil 

Stoddard — ..iwt Qj 

UDO H aMiwgii fin U2 

Virgin Group - fin L8 

Jan 31 

Dec 22 

Jan 5 
Dec 18 
Jan 29 







1.8 L5* 


So m e 48 off the outlets ac- 
quired by Woolworth operate 
as c onces si ons, within Debut- 
ham stores. Um agreement has 
five years left to run and bote 
Westward* and Burton Group, 
which owns Debeuhu. said 
they wore hap p y ft r the nh> 
tionship to continue. An addi- 
tional 19 outlets are located in 
Queens way stores where they 
will operate as a concession. 

Mr Nigel Whittaker, a direc- 
tor off Woolworth Holdings, 
said test the acquisition was a 
good geographical fit as Ulti- 
mate states were well repre- 
sented in tee route white Com- 
etts traditional strength was in 
Scotland, the north and the 

MWIwwh •• 

: ■ He said that the .Comet man- 
agement believed It would not 
take long to tnrn'tee-Ultbnate 
operation into profit. Tho pnr- 
duae price of£8m is subject to 
adjustments following the 
preparation off completion ao- 
counteThe book value of the 
not assets bring sold Is about 
SUm. ■ 

Dividends shown pence per shar 
stated. "Equivalent after allowing 
creased by righto and/or acquimi 
quoted stock. 

to and/or acq; 
bird market. 

per share net except where otherwise 
allowing for scrip issue. tOo capital in- 
i' acquisition issues. §USM stock. §Un- 

Tlte media matters to you. 

But how can you track thousands 
of events a weekg covered in 
hundreds of publications? 

. Easy. 

And immediately. 

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•r/ogia mmill g meefia developments that matter to you. 

Send for ywir free sample copy of Media Mcmitor today. 
Smpfy attach your bossies* card Co this advertisement and 
return it to Sarah Pebody.Fmanchl Times, 126 Jermyn Street. 
London SW1Y 4lfl. Telephone: 01-925 2323 

RrgfeMad Office: Bnciee Hew, JOCmooSmec. Undos EC4P4ST 
Resawn* No: MUB 6 

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G Heats who expect their 
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The professionals with 
the personal touch. 

Bank). Vontobel & Co. Ltd;, 
Bahnhofstrasse 3, CH-8022 Zurich, 
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10Q22, USA, Tel. (212) 415-7000. 


°ver f) 

* i;r*. •! 

" :V '-^NC5C 

financial Times Tuesday November Iff 1987 : .. 

. ’ ’ - * " " ; 

Dilemma for the 
Government over 
BP share defaulters 


THE GOVERNMENT is. facing a 
dilemma over what to do about 
5.000 private investors who have 
failed to honour their applica- 
tions for British Petroleum's di- 
sastrous share offering at the 
end of last month. 

The vast, majority of- the 
270404 investors who applied 
for shares , in the £7-2bn lssue 
have honoured their cheques 
and taken, up their stock,' it 
emerged yesterday. But the 
Government now has to decide 
what to do about the 5,000 who 
have noL 

If it takes no action, it will 
face strong criticisms from pri- 
vate investors and underwriters 
who honoured their commit- 
ments and between them 
shared £700m worth of losses 
when the unwanted 120 p shares 
opened at just 88p. 

If it takes the defaulters to 
court, however, it could find it- 
self prosecuting small investors 
who will argue that they were 
induced to apply for the shares 
by the Government’s extensive 
advertising campaign which 
urged the British public to *Be 
Part Of It.” 

Further, some of the' default- 
ers are students and pensioners 
who cannot afford to take their 
losses or pay any fines imposed 
by the courts. 

The Treasury yesterday said 
it had no plans to release fig- 
ures on the number of cheques 
that had failed, and that no min- 
isterial decision bad been tak- 
en about what would be done 
with the defaulters. 

fruiting. - - 

•BP'S partly-paid stock fell 
3p to 75p yesterday,, just 5p 
clear of the price' at which the 
Bank of England, has undertak- 
en to buy them back from inves- 
tors. The renotmeabte letters of 
allotment, which investors need 
to submit a claim, went out to 
investors yesterday. 

Whitbread lifts I McLeod Russel 

!>rr *5 

- - -*■ J-* 

r%i thSESS 

vr ek. covered:: 

holding in 

By Lisa Wood 

Whitbread, a major brewer, 
has increased its holding in 
Boddington, Manchester-based 
brewer, from- less than- one per 
cent to 3.29 per cent 
. The majority of its share pur- 
chase was made from shares 
sold by Midsummer Leisure, the 
growing discotheques, public 
house and snooker dab busi- 
ness which last week said it had 
sold its 2.1 per cent stake in 

Last month Midsummer made 
an unsuccessful takeover ap- 
proach to Boddington. Bodding- 
ton, which owns some 500 pub- 
lic houses and brews the' cult 
Boddington. ale,, rebuffed the. 
approach. ■ 

Whitbread said yesterday that: 
the reason ;for the increased 
stake, was that it had a long and 
strong trading relationship with 
Boddington and this move was a ' 
farther cementing of that: 

Mr John Dunsmore, of Wood 
Mackenzie, . the stockbroker, 
said that Boddington, with near- 
ly 40 per cent of . its sharehold- 
ing fa "friendly hands”, was now 
effectively bid proof 

The Whitbread Investment 
Trust, in which Whitbread, has a 
49.8 per cent stake, bolds some 
22 per cent of Boddington, a 
stake which would be critical to 
the outcome of any bid for Bod- 

and Smale 

By Fiona Thompson 

Share dealings in McLeod Kas- 
sel, plantation group, were 
suspended at 38Sp - yesterday 
pending an announcement, 
which the company said would 
be made today. Dealings in Ken- 
nedy Smale, glove manufactur- 
er and . machinery distributer, 
were also suspended, at MJOp. 

McLeod acquired a 29.98 per 
cent stake in Kennedy Smale 
earlier, this year, saying it had 
for some time been planning to 
expand outside the commodi- 
ties business. Mr Nigel Open- 
shaw, McLeod's group managing 
director, took over as chairman 
of Kennedy in March. . 

It has been , expected that 
McLeod would- use Kennedy 
Smale as a vehicle far expand- 
in&its UK industrial interests. * 
In. April, McLeod 4xfat>maced 
ft fc was selling 80 pet cent' of its 
Indian tea interests for. £l&4m 
to Mendlp, a consortium of Eu- 
ropean investors. The proceeds, 
the company' said, would be 
used-to repay bank borrowings 
and to expand its other UK ac- 
tivities. The-Mendfp deal has in- 
volved a reorganisation of 
McLeod, with all the group's ac- 
tivities,- other than the Indian 
interests, transferred to a new- 
ly-created holdingeompany. 

In June, MriLeod reported a 
£860,000 downturn in pre-tax 
profits to £&68m for the half 
year to March 31. 1987. 


Activities of the Group: 

Furniture hire to exhibitions, conferences, films, 
photographic studios, television and theatres. ■ 
Discotheques and marquees for social, sporting and 
business functions. Ships management, freight 
forwarding services worldwide and North Atlantic 
and Far East groupage. 

Results m brief 

Vfearfo/t/rie ~ J 


1986 ; 

‘ £ 

■ £ ■ . 

Profit before tax 



Profit after tax 



Earnings per share 



Dividend per share 



Both Divisions within the Group have had a buoyant 
year in all their activities and this is currently 
continuing. Other than something unforeseen 
occurring, I see no reason why Medminster should - 
not perpetuate the growth/ 

. John Debuwy, Oiahmm 

127 Whitehall Court, London SW1 


Republic of Iceland 


12%% Bonds Dne 1992 . 

NOTICE IS HEREBY GIVEN that, pursuant to Condition 5{a}0fthc - 
Bonds, Citibank. N. A. as Fiscal Agent, has selected by lot forrcdenip- ' 
lion on December IS. 1987 USS8.000.000 principal amount of said 
Bonds at (be redemption priocof 100% of the principal amonnttbercof. 
Outstanding Bonds bearing serial mirabcis ending iaanyoftbc foflow- 
jne two digits have been selected by lot far redemption: . 

06 10 14 ' 17 28 39 

42 59 62 66 ' 78 8p /' 



. 14 

• 17 




66 ' 





Payment will be made upon surrender of Bonds together , with all 

coupons maturing after the date fixed for redemption, at the qffkcs of 
the Paying Agents as shown on the Bonds. On and after December 15, - 
1987. interest an the Bonds wfll cease » accrue md im matured coupons 
will become void. "• - 

Outstanding after December IS, 1987 USS42.0OO.OOO. ■ ■ - 

November W, 1987 

■ KSSaiaif - Cf71B4WCO > 


Nikki Tait looks at the background to Granada’s £222m bid for Electronic Rentals 

Tuning in to a programme of expansion 

Initially the National West- 
minster Ba*k,~the lead receiv- 
ing bank to the Issue, is sending 
out letters to the 5,000 remind- 
ing them that by filling in the 
application farm, -they warrant- 
ed that their remittances would 
be honoured oh first presenta- 

Beyond that it seems likely 
that the defaulters will be dealt 
with on a case-by-case ; basis, 
with the greatest pressure be- 
ing brought to. bear on those 
who have the means to honour 
their commitments and simply 
want to avoid doing so: 

Prosecution of people who de- 
fault on, cheques written for 
new issues is - rare because 
when shares P> to ’premiums, 
the issuer benefits from .being 
able to sell them for more in the 
aftermarket than they, would 
have inthe offer. 

When issues do flop, sponsors 
normally find thatfierce letters 
threatening . legal proceedings 
eventually succeed In persuad- 
ing. applicants to honour their 
commitments: But ' merchant 
banks are reluctant to discuss 
the cleanup -rate farfearof en- 
couraging- the. belief that it is 
possible to get away with de- 

CONVENTIONAL wisdom says 
that when a market declines 
you either get ont o r you get big. 
Yesterday's £222m bid ap- 
proach by Granada for Electron- 
ic Rentals Group is a- large step 
in the latter direction.. 

The market in question is the 
TV and video rental -market. 
Most analysts reckon that the 
decline on the TV side is some- 
thing like five per cent a year 
end, If anything accelerating. 
Video rental i& at best static. 

There is no doubt about the 
largest, and most efficient, play- 
er in the UK at present - Thorn- 
EMI, which has a market share 
reckoned to top 40 per cent 
Granada, through Its 620-strong 
chain of Granada TV Rental 
outlets, clocks into second 
place with something more than 
20 per cent; Electronic Rentals, 
which takes in 450 shops and 
markets under the Vlstonhire 
name, comes third with under 
15 per cent 

The problems of the rental 
market have been obvfous far 
all too long and both Granada, 
for which electronic rental and 
retail is still the largest divi- 
sion, accounting for perhaps 60 
per cent of trading profits, and 
Electronic Rentals, have - with 
differing degrees of success - 
set out to tackle it 

Both companies, not unsur- 
prisingly, have seized the obvi- 
ous route of expansion into the 
retail end. For Electronic Rent- 
als. something of a go-go stock 
in the late 1970s, that has taken 
two forms; on the one hand, it 
made a number of acquisitions - 

a smaller rental group. Televi- 
sion, for £Z3m and Carousel Col- 
ourhire from Dixons for £28m, 
both in 1985. On the other it has 
increasingly been introducing 
retail into its rental showrooms. 

The -latter strategy is broadly 
seen as the more successful; the 
acquisitions brought problems - 
notably the Connect chain, part 
of Television, which made a 
£5m trading loss in 1988/87. Ra- 
tionalisation there is now large- 
ly complete, but the acquisition 
took ERG's gearing to more than 
120 per cent by March 1986 and 
almost 100 per cent a year later. 
Analysts forecast a reduction to 
perhaps 60 per cent, by next 
March, but hefty interest 
charges have dampened the 
profits picture. Pre-tax, the 
company made £18.5m in 198<V 
87, after finance charges of 
£12. lm. In the current year, the 
figure Is widely-forecast to im- 
prove to £23 m. 

Granada, too, has. hit the ac- 
quisition trail - buying the Re- 
diffasion business from 'BET 
back in 1984, at a time when it 
held about 11 per cent of the 
rental market and the BET off- 
shoot another 8 per cent 

But in the wake of abortive 
merger talks with Ladbroke In 
early- 1906, followed by an un- 
wanted approach from Rank Or- 
ganisation - blocked by the In- 
dependent Broadcasting 
Authority - the company has al- 
so been stepping up diversifica- 
tion. . 

On the electrical goods side it 
picked up the Laskys chain 
from Ladbroke a year ago - 



Share Price (pence) 

150 • tW ■' - J"< M *. ”■ ■; > *'i .■«<• h-R 

f ' : i 




o ..»Ui 


* w/# ftrt’ , 

80 84 

shifting its UK rental/retail mix 
- and is expanding on the Conti- 
nent Equally, it has made much 
of the push into new areas - for 
example, the holiday market 

Yesterday, however, all argu- 
ments were concentrated on its 
core business. Granada argues 
forcibly that the addition of the 
ERG outlets would provide far- 
ther economies of scale, upping 
its profitability in a sector 
which - if recession does indeed 
hit seriously - could see some 
revivial in its fortunes. 

“There are two driving forces 
behind the bid,” claims Grana- 
da’s finance director, Derek 
Lewis. "The first is purely finan- 

Alex Bernstein, chairman of 

clal - the acquisition would 
bring cost efficiencies and an 
important improvement to the 
bottom line.” 

Profitability in this business 
is largely about sale densities 
and although Granada is not 
making any kind of forecast, an- 
alysts were yesterday estimat- 
ing that perhaps one- fifth of the 
combined group's outlets could 
be closed without significant 
loss of sales. The benefits 
would, however, occur princi- 
pally in the 1988/89 financial 
year (and onwards). 

The second advantage, argues 
Granada, would be its in- 
creased market power- in terms 



1987 Tota l £30571 m 
Y//S////X Insurance captives 
wmmammt Property 
//// Camping leisure 

//// Business systems 

7 ' 'v Overseas rental 

UK consumer 


Holding company 

of purchasing arrangements, 
marketing spend and so on. 
Moreover, ERG'S overseas rent- 
al interests, which accounted 
for 20 per cent of last year’s 
trading profits, take in an at- 
tractive German business and 
its profitable business systems 
arm. Only the small camping 
and leisure side appears to 
have relatively little fit 
Yesterday, given the hefty in- 
volvement of both groups in the 
rental business, the spectre of a 
Monopolies Commission refer- 
ence loomed large. On that 
score, Granada will doubtless 
argue that the combined 
group’s share of the rental and 

retail market would only be in 
the low teens - and that the di- 
viding line between rental and 
retail is rapidly eroding. But 
with shares in ERG up only 9p 
to 64p - 12.5 p short of the bid 
terms - the City was clearly ex- 
presing its doubts. 

No doubt it is a line of de- 
fence which ERG. if it decides 
to fight, would immediately em- 
ploy. Whether the offer turns in- 
to battle should become clear 
after ERG's board meeting to- 
day. Yesterday, at least every- 
one was at pains to remain cor- 
dial, and Granada’s successful 
market raid - giving it a 14£ per 

cent stake in its target - is no 
doubt designed to increase 
pressure for an agreement. 

And if a struggle does devel- 
op, the position of Dutch elec- 
tronics group Philips, which 
holds a 22.4 per cent stake in 
ERG could prove crucial. In the 
distant past, ERG acted exclu- 
sively for Philips and the Dutch 
company still has a non-execu- 
tive boardroom position. Al- 
though the exclusive arrange- 
ment ended in the 1970s, it 
remains a larger supplier to 
ERG than Granada. Would a 
strengthened customer be good 
or baa news? 

But, in general, the bid had 
the City divided yesterday. 

Granada says its commitment 
to expand elsewhere will be 
helped rather than hindered by 
the strong cash flow which an 
enlarged rental/retai l bu siness 
would generate. But £222m is a 
lot of money - especially these 

^•<v, -u. . 


v ^ 

: V ■ <s ' 



" ' Hsu"; 



• ' THE ' • ' 

B B± . 

- £U5At '•* 







If previous construction projects are 
anything to go by, it would appear so. 

The examples above are not mere 
exceptions to the rule, either. 

The construction today of a conven- 
tional power station, for instance; runs on 
average 19% over budget and is anything 
from three to six years late. 

More relevantly; take the second 
Dartford tunnel beneath the Thames. 

It was built only 200 yards from the 
original, through known geological con- 
ditions, using proven technology. 

Yet it was four years late and at £45 
million, 200% over budget 

In short, the history of large scale 
construction projects is littered with mis- 
calculations, in both cost and tima 

In this light, the projected figure of 
£5 billion to build Eurotunnel has to be 
treated sceptically. 

So too, do the consortium^ projected 
figures for passenger traffic. 

At almost twice the levels forecast in 
two Government sponsored studies, we 
believe they are being wildly optimistic 
about the number of people the tunnel 
will carry. 

And greatly underestimating the 
response of the ferry operators and ports. 

At this point we ought to declare our 

interest We are against a bailed-out, 
subsidised, ailing tunnel, that would 
unfairly undermine the ferry business. 

And in this, we have common ground 
with every private shareholder, small or 

To this end, we have prepared a 
thorough examination of the facts, high- 
lighting what we believe to be crucial 
weaknesses in the tunnel^ financial case. 

This booklet is available to any inter- 
ested party by sending off the coupon. 

It goes into far more detail than is 
possible in this advertisement and is, we 
believe, essential reading for anyone who 
is thinking about buying shares in Euro- 

And if you’re at all unsure about the 
value of reading it perhaps we can leave 
you with this thought 

A cost overrun for Eurotunnel could 
mean that investors won't see any return 
at all. 

J For a copy of our booklet write to J 
I Rexaink,lDeansYard,LondonSWlP3NRl 

I Name I 

I Address I 

■ ! Postcode I 

T*JIDrtmiSB*HT,ifWSWn f0R»e PlACIDBV Rfxuni 



This announcement appears as a matter of record only 


A company formed by management to 
acquire the European trailer rental business of Rentco in a 
£43,000,000 buy-out from Fruehauf Corporation 

Mezzanine Finance provided by 

Standard Chartered Bank 

Senior Multicurrency Facilities 
Lead managed and underwritten by 

Standard Chartered Bank 

Facilities provided by 

Credit Agricole 
Credit Lyonnais 
PRIVATbanken Limited 

Financing also provided by 

Banque Nationale de Paris 
BAM. Leasing Ltd. 
Citibank OY 

Forward Trust Group Limited 
Generate Bank 

Lloyds Bowmaker Ltd. 

Security Pacific Eurofinance (UK) Limited 
Skandinaviska Enskilda Banken 
Via Banque 

Standard £ Chartered 

November 1987 

The Inland Revenue Valuation Office is 
currently sending out rate return question- 
naires for the 1990RevaMon of Commercial 
Property. As rates biBs wiH be significantly 
affected by Revaluation, it is essential that 
rate returns are completed with care. 

if you are concerned about the implications 
of the new commercial rates revaluation, a 
telephone call to Debenham Tewson & Chinnocks 
could save you time and effort im mediately and a 
considerable amount of money in the long term. 

The highly experienced specialists m our Rating 
Department will be pleased to complete your rate return as 
partof our service to ratingcfents. Later, if appropriate, 
we will appeal against any revaluation 
assessment to minimise your rate outgoings. 

So if you are interested enough to fold out 
more about the ways in which Debenham tewson & 
Chmnocks might help reduce your rates Ml, telephone 
Christopher Foster or Mark Henderson on 01-236 1520 
a discussion in confidence, or write to them at the 
address below. 


International Property Advisers 

Bancroft House, Paternoster Square, London EC4P 4ET. 


Financial Times Tuesday November 10 1987 

Shanks £5m 


UDO advances 

39% to £3. 8m 

Armitage S h ia h , a su b s idiar y 
of Bine Circle Industries,- has 
acquired the kitchen furniture 
businesses of Wrighton and Eli* 
zabeth Ann from Oreenbrook 
Furniture for around £5m. 

Production of the two. kitchen 
furniture ranges is based at 'Na- 
ze ing, Essex. . . 

The acquisition will extend 
Armitage Shanks’ area of activi- 
ty further in the home fittings 

OT&T £2.6m deal 

Ocean Transport ft Trading 

has paid C$8m (£2. 55m) For GM 
Pa try, a leading Canadian 
freight forwarder and customs 

Mr Nicholas Barber, chief ex- 
ecutive, said: ‘This Is another 
important development in the 
planned expansion oF our for- 
warding interests in key growth 

Fabry’s forwarding operations 
will be integrated into Ocean’s 
existing worldwide freight-for- 
warding organisation MSAS 
Cargo International, but Patty’s 
customs brokerage business 
will continue to use its existing 
name. Patry has offices in Mon- 
treal. Toronto and Vancouver. 

UDO Holdings, supplier of 
drawing office equipment and 
specialist reprographic -ser- 
vices, turned in . another 
year of rapid growth with pre- 
tax profits increased by 39 per 
cent to £3L8m and turnover up 40 
per cent to £31m in the 12 
months to the end of July. _ 

Mr Terence Rutter, chairman, 
said that about half of foe 
growth in turnover came from 
acquisitions, while the balance 
came from organic expansion. 

Earning s per share rose from 
8_03p to lL05p, and the fall-year 
dividend came to L8p, up from 

i ft p 

Mr Rutter said that the 
group’s decision to expand into 
the manufacture of diazo-relat* 
ed products had so for been a 
success. The reorganisation of 
A argil pi Systems and Harper ft 
Tu nstall, acquired earlier in 
the year for M iam, was virtual- 
ly complete, with excess staff 
reduced, ma n u fa cturing equip* 
ment transferred, and costs as- 
sociated with the rationalisa- 
tion mainly behind the group. 

This leaves UDO ready to 

Scapa in Germany 

Scapa Group has acquired 
ViUlarth, a West German maker 
of fourdxinier wires and fabric 
for the papermaking industry. 
Its sales in 1888 approached 

Scapa said the acquisition 
was part of Its programme of 
penetrating all world markets 
with its engineered fabrics for 
paper machines. West Germany 
was the largest European pro- 
ducer of paper and VUlforth 
represented an important op- 
portunity for Scapa to establish 
an initial manufacturing base 

Hawker Canada 

Hawker Siddeley Canada, sub- 
sidiary of the UK electrical and 
mechanical engineering grodp, 
increased its pre-tax income 
from C$24. 06m ~ to C$2&81m 
(£ 11 . 4m) in the nine months to 
September SO 1987. 

'. Sales were down slightly from 
$3nsqgiw to $892 iXm Taxes 
(current and deferred) came to 
$10.19m ($l(L23m). 

Estates & General 

Estates & General. Inv e st ments 
has sold Quee industrial Invest- 
ments, Point 4, a trading estate 
at Avonmouth, Bristol, to SAIL 
Investments for £L63m; The Pa- 
vilions, comprising three units 
at Bracknell, Berkshire, one of 
which was sold to an owner/oc- 
cupier for £315,000: the other 
two were sold to Nit Schro der 
Life Property Fund for £820,000; 
and a 13,000sq ft warehouse at 
Uxbridge to Klmal Scientific 
for £737,000. 

Westland Aerospace 

Westland Aerospace, a subsid- 
iary of Westland Group, has ac- 
quired a 65 per cent stake in 
Marex Technology, which speci- 
alises in supervisory control 
and data acquisition systems 
for the ofi&hore and industrial 
process control industries. 

The acquisition will broaden 
Westland Aerospace's existing 
electronic control systems capa- 
bility- In the year to March 1887, 
Marex had a turnover of £L56m. 

County Properties 

The directors of the County 
Properties Group yesterday 
called for a temporary suspen- 
sion of the company's share list- 
ing pending publication of an 

Lynton acquisition 

Lynton Property ft Several on- 
ary has acquired Midhurst In- 
vestments from Wereldhave for 
a consideration of more than 
£&5m to be financed from the 
company’s own resources. 

Midhurst’s assets comprise 
long leasehold interests in two 
London properties and associ- 
ated car spaces, Ebury Gate, an 
office building of 45,000 sq ft 
which produces an annual total 
net income of £630,000. and Bel- 
grave Court, a block of 67 luxury 

Lynton said that the acquisi 
tton will provide the company 
with a secure income flow. 

J ROTHSCHILD Holdings has 
bought a farther 2.68m of its 
shares at I40p a share for can- 
cellation, reducing the issued 
share capital to 297-2m shares. 

PHICOM: The open offer to 
shareholders received applica- 
tions for 38.7m shares (0.08 per 

FT Share Service 

The following securities have 
been added to the Share Infor- 
mation Service. 

Alba (Section: Electricals). 
Evergreen Resources (Oil and 

Hibernian Group (Insurance). 
Kldston Gold Mines (Mixtes- 


Pavilion Leisure (Leisure). 
Placer Pacific (Mines- Austra- 

Premark International 



map the benefits of the acquisi- 
tions, which would -contribute 
to profits and turnover in the 
current year, Mr Rutter said, 
and to move to reduce the 
build-up of debt associated with 
the acquisitions. 

The group has net debts of 
£6m, or gearing of about 40 per 
cent, and this was expected to 
fall rapidly owing to UDCs 
cash-generating businesses. 
Freehold properties of the two 
acquired companies were now 
ready to be sold. 

. The directors did not believe 
that current market conditions 
would create a serious obstacle 
to further expansion of the 

group, and that minor acquisi- 
tions aimed at filling out the 
group’s geographic cover ag e 
would continue. 

The acquired manufacturing 
companies have annual exports 
in the range of £10m. Although 
some of these operations were 
unprofitable and would be 
trimmed, Mr Rutter identified 
Europe as a major potential 
market for the long-term expan- 
sion of the group. 

Siebe sells shoe-making 
side to its management 


Siebe. controls, engineering 
and safety equipment group, 
yesterday sold its shoe manu- 
facturing operation to manage- 
ment in a deal worth £2.5m, in- 
cluding tiie debts assumed by 
the new company. 

The purchase of James North 
Footwear and .Stuart Latham, 
makers of slippers- and casual 
footwear, was -arranged by 
March Investment Fund, the 
Manchester-based venture capi- 
tal company. Other financial 
backers are the Greater Man- 
chester Economic Development 
Corporation and the British Gaa 

Pension Fund. 

Both companies, which have 
been managed as one unit for 15 
years, are based in north-west 
v.ngland Mr Brian Nuttail, 
managing director, said produc- 
tion would be Increased to meet 
the growing demand for James 
North’s new range of casual 

RAWDA Investments has 
bou gh t lm more ordinary 
shares in Carless Capel ft Leon- 
ard. the oil company, lifting its 
holding to 13m shares (7.5 per 

Avis keen 
to close 

By Clay Harris 

Avis Europe, the car leasing 
and rental grasp, win bay 
shares of CD. Bramall in the 
market in an effort to bring to 
an early conclusion Us ftta 
agreed bid for the Bradford- 
bated motor dealer and con- 
tract hire company. 

Bramall shares were trading 
yesterday at 625p, compared 
with fiie 646j6p cash alterna- 
tive which Avis would like to 
close after Friday, the first 
dosing date for the bid which 
was launched before file mar- 
ket crate. 

Avis announced an option 
and Indemnity agreement with 
Morgan Grenfell, under which 
the merchant bank would nei- 
ther gain nor lose from market 
purchases of Bramall shares. 

Arts wants to be tele to have 
M per cent of shares by Friday 
in order to declare the bid un- 
condltional. It started the bid 
with irrevocable acceptances 
far 57.6 per cent. 

The three-far-five share offer 
was worth 446.6p yesterday, ex- 
actly SdOp less than the cash 
offer. At these prices, the sub- 
underwriters would face a pa- 
per loos of more than £I9m if 
all Bramall shareholders, 
apart from the 2&9 per irrevo- 
cably committed to the share 
offer, accepted the cate terms. 

Avis said that It had r e ce ived 
satisfactory assurances from 
Ford, Austin Rover and Gener- 
al Motors that the takeover 
would net affect Bramall’s 
dealership arrangements wife 
the three manufacturers. 

The bid was cleared last 
week to proceed without a ref- 
erence to the Monopolies and 
Mergers Commission. 

TR Technology Investment: 
Berkeley Govett, on behalf of 
FIrroandale Investments, 
bought 3.08m shares on Novem- 
ber 6, lifting Firmandale’s stake 
to 15.96 percent 


6% Equity Notes Due 2002 of 

Yves Saint Laurent International S.A. 

Notice te hereby given to the holders of flw above Notes that, at the Moating cl such holders convened by foe 
Notice of Meeting published in the Financial Times and the Luxemburger Wbrt on 24th September; 1987 and 
held at 12 noon (Geneva time) on 18th October, 1987. the Brtraonfinary Resolution set out in such Notice was 
duty passed A c cordingly: the modifications, to foe Terms and Condttons of such Notes and the Trust Deed 
Notesreterred to4h the Explanatory MOmorandUTwefened tote Suemeotica have been made 
(subject to the exchange taking place), with effect from 5th November: 1887, by means of a Second 
„ Supplemental Trust Deed of the same date and the ewhange of such Notes {the "Extsfeig Notes") for 5% Equity 

| itotos.tkjej2003id36iesatedUuiBntRA.ttba3)tewNate8^a&iefenadlninsixd>AIatic&anda&describedia~- 

the Explanatory Memorandum will lake place, subject to the oonrBHonsprecedem contained In the Explanatory 
Memorandum, on 20th November; 1987. The exchange has been postponed tor technical reasons to ttw date, 
as permitted by the Explanatory Memorandum. The procedures for the exchange of Existing Notes for New 
Notes and the arrangements far the hofdfng of New Notes penefing physical exchange wfll be as fallows: 
Existing Notes held in Euro-dear or Cartel . 

Existing Notes held in Euro-dear or CedeiwU be surrendered on 20th November; 1987 to a Paying Agent far 
payment of the interest (amounting to ILS. 5115 per Existing Note) due or them on such dale and New 
Notes wffl be delivered in exchange to depositories far Euro-dear andCedef, who wifi prorr^Sy credit the 
accooits of foe hokters of Etisting Notes with fog appropriate number of New Notes. 

Existing Notes held outside Euro-dear and Cede! 

New Notes wil be available for cofiection in exchange lor Existing Notes at foe office of Banque 
(ntematiariate h Luxerntrotan S A m 2 BoidevmdRoyte, Luxerr^xx^ op arxt after Fbday, 20fo Noverrtosr. 
1987. On presentation of Exiting Notes on or after that date, Noteholders wN also receive payment of the 
interest due (amounting to U.S. 5115 per Existing Note) on their Existing Notes on 20th November, 1987. 

K Existing Notes are presented at toe offices of any Paying Agent other than Banque Internationale a 
Luxembourg SA, the accrued interest win be paid and the relevant Existing Notes will be enfaced with a 
memorandum of payment The Noteholder w9I then have the option of either- 

(I) surrendering foe relevant Existing Notes at the aboveofflee of Banque Internationale A Luxembourg 
SA ki exchange for the relevant New Notes; or 

(5) surrendering the relevant Existing Notes to such Paying Agent together with instructions for defivery 
by mail (uninsured other than at the Notehofcterb expense) at the Noteholder's risk to an address outside 
France to be specified by the Noteholder. The relevant New Notes wottid then be mailed to such address 
by Banque Internationale & Luxembourg S A 

The value of the shares of YVes Saint Laurent international SAfYSLT) and the value of the shares of YYes 
Saint Laurent SA (*YSL") have now been determined by the commissaire eux apports and the Independent 
expert, respectively. These valuations are lower than originally expected because of the change which, has 
recently taken place in the stock market. The result of foe exchange, however, is that Noteholders will have 
exchanged their investment in YSU tor an investment in the enlarged YSL that win result from foe 
re org a rHSationonsubstanaaHythesameeconomictBmaasttioseobtainedtyCenisSA ft should also be 
noted that Noteholders will havetherighttoaiaiger proportion of YSL Shares than ori g i na fiy contemplated. 

The values are as toflows: 

YSU Value of one share: FF105 

Value of aB shares taken together FF1 ,336,000,000 
YSL Value of one share: FF280 

(after reorg a n i sat i on) Value of ail shares taken together FF2,545,733,680 
(Note: The above values are cal cul a te d an the assumption that no Warrants have been merdsed and no 
Existing Notes repaid In the case of YSL It has also been assumed that the share exchange offer to the YSLl 
shareholders has been accepted In Ml.) 

The aggregate principal amount of toe New Notes wffl be FF495,00O,D00, entitling the holder of each U.S. 
$5,000 principal amount of Existing Notes to receive FF33.000 principal amount of New Notes. The Share 
Payment Rate of the New Notes has been calculated as provided in the Explanatory Memorandum and wtfl 
(subject to adjustment in accordance with the Terms and Conditions of the New Notes) be 3-57 Ordinary 
Shares of Yves Saint Laurent SA for each FF1 ,000 principal amount of New Notes. 

VVes Saiot Laurent bitemattonai SA 

10 th November, 1987. 


to the holders of the Warrants of 

Yves Saint Laurent International S.A. 

to subscribe Ordfnary Shares of 

Yves Saint Laurent S.A. 

: Noticefe hereby given tofoehokJere of the above warrants that, at fas Meetings ofsudi holders convened by 
the Notice of Meetings published in fas Financial Times and the Luxemburger Wbrt on 24th September; 1BB7 
andhekf 11.30 a.m. and 11. 45 a.m. (Geneva, time) on 16th October, issfrhs Extraordinary Resolutions set 
out in such Notice ware duly passed. AaxwSngfy. fas modifications to the. Terms and Conditions of such 
warrants and fae instrument by way of deed poll constituting such warrants set out in such Extraordinary 
Resolutions have been made, with effect from 28th October 1 907, by means of ft Supplemental Instjument by 
way of deed pofi of the same date. 

Notice is also herebv given to such holders (hat, M the Meeting of such holders convened by the Nofico of 
Meeting-published in the Financial Times and the Luxembarger Wort on fifo October; 1 987 and held at 11 JO 
am (London time) on 27fa October, 1987, the Extraordinary Resolutionaotout in such Notice was ditiy passed- 

Wee SaM Laurent International SA 

10th November; 1987. 

Bankart Trust Company 
Dashwood House 
59 Old Broad Street 
London EC2P2EE 

Paying Agents 
Banque Internatio na le d 
Luxembourg SA 
2 Boulevard Royal 
2963 Luxembourg - 

Crfefit Suisse 
P ar adeptatzA 

CH-6Q21 Zurich 

Win Stott Lsurantlr rems iiarMl SA. ft a todM anoayma Incorpora te d under P» laws of the Bmxxxfc of franca on Sfth May 
1M*. WffiPfe «N and*L.on 30th May, 2063. Ftagtttaffid ottos: 9 Avenue uaroeau, 75 n 6 Parts. Shore espial 

1.320,00(1,000 Ftanto from. RCS number: Paris B 328 T8694& - 

-r- ■ 1 , 

'a . . “ . ■ 

i l" 

; £UKi2 y 


2$ss Zest 

'■i ( 




. , . _ »; t . 


Financial Times Tuesday November 10 1987 



Blenheim profits nearly trebled 


Blenheim Exhibitions, the 
fart-growlng exhibition inganls- 
er, yesterday announced that it 
had met the profits forecast 
made when- it acquired Online 
International two months ago. 
Pre-tax profits for the year to 
August 31 were Just under 
£L43m, nearly three times the 
£502 ,0 00 made the previous 
year. Turnover rose from £2£2m 

to £4. 6m. 

Although Blenheim hag. made 
six acquisitions since it joined 
the Unlisted Securities M a r ket 
on "Big Bang” day last year, only 
one, PKD, made a contribution 
to these figures. PKD, which 
runs the Harrogate Gift Fair 
and the British Craft Trade 
Fair, was acquired for a maxi- 

mum of£5m in April- it contrib- 
uted £42O,0W to these results. 

Mr Neville Bach, chairman, 

said that the various acquisi- 
tions meant that in fiiture the 
majority of profits will be earn- 
ed in the second half The bene- 
fits. of last year’s acquisitions 
-will be seen in this year’s sec- 
ond half 

Mr Buch said he thought it un- 
likely that the recent stock mar- 
ket crash would affect the exhi- 
bition business. "Exhibitions 
are cost-effective," he said, "and 
people are likely to cut back on 
other forms of mark eti n g In- 

Blenheim organises exhibi- 
tions for a wide range of indus- 
tries from fashion to computer 


Pre-tax profits include rental 
income of £135^)00 (£135,000) 
and interest receivable of 
£162^)00 (£35,000 payable). After 
tax of-£481400 (£138,000), earn- 
ings per share were I22p (7Jp) 
Blenheim’s maiden final divi- 
dend is being set at 205p, mak- 
ing a total of 4p. 


Blenheim was a USM hot 
stock before the crash and its 
shares have as a result suffered 
more than most; at 425p, down 
20p yesterday, they are well un- 

der half the level they reached 
in mid-October. A downturn in 
the economy would obviously 
have an effect on Blenheim, bnt 
it might be marginal rather than 
substantial; in declining mar- 
kets, companies chase market 
share and trade fairs are rea- 
sonably efficient ways of at- 
tracting customers. There is 
plenty of growth to come this 
year and the company has 
enough cash to enable it to 
make the odd acquisition. Nev- 
ertheless, even assuming that 
pre-tax profits climb to film this 
year, the prospective p/e Is 
around 17, at a premium to the 
market with the market In its 
current nervous condition, that 
rating looks high enough. 


The Financial Times proposes to 
publish this Survey on 


For a full editorial synopsis and details 
of available advertisement positions, 

. please contact: 

on 01-248 5116 
. : or write to him at: 

Bracken House, 10 Cannon Street, 

. London, EC4P 4BY 
Telex: 8954871 



keeps up 

earlier efforts to lift margins, 
productivity and efficiency 
were major factors in helping 
Stoddard Holdings to a drat 
half pre-tax profit of £U4m. 

This continues the rec o very 
shown last year, when ! 
profits came to £896,680 
fulltime to £L.7m. An Interim 
dividend «fk5p Is declared fol- 
lowing the return last year to a 
single payment of lAp. 

The second was expec- 
ted to be good, said Mr Gordon 
Hay, ehahman of this carpet 
m a nufa cturer , and shsyld give 
*a very satisfactory outcome” 
for the year to March 31 1988. 
In October sales and orders 
improved. There were plans to 

iastal an advanced tufting ma- 
chine early next year. 

Despite continued capital in- 
vestment, net borrowings fell a 
further 48 per cent to Cl An; 
shareholders’ tends rose to 
£7. 7m, catting gearing to only 
17 per cent. 

Mr Hay said margins were 
again increased- Promotional 
charges were op reflecting a 
move into a higher gear of mar- 
keting, the benefits of which 
would be more fttUy apparent 
in the second half and subse- 

Sa les for half vear de- 
clined to £16m (£17.4mL but 
were SJ per cent higher when 
excluding a subsidiary sold In 
August 1988. Operating profit 
moved up to £L26m (£878,988) 
whOe interest charges fell to 
£118,000 (£280,800). 

After tax of £145,000 
(£79,000), being the unrelieved 
ACT on dividends, the earn- 
ings came through at 0p (64a) 
and 2-4p (6.7p) fully diluted. At 
the end of March 1987 tax 
losses of nearly JEllm were car- 
ried forward for relief ag ains t 
fatnre profits of certain com- 

Hartwell nears £5m mid term 

Hartwell, motor dealer, heat- 
ins oil distributor and property 
investor, reported 8 substantial 
increase from £2.5Im to £4-45m 
in pre-tax profits for the half 
year to August 31 on turnover 
up from £137. 8m to £164.04ra. . 

The directors said tha t the 
company was in a very good po- 
sition with buoyant trading and 
the board was optimistic about 
prospects for the coming 
months. They said that good 
progress was being made with 

the marina development at 
Abingdon with 21 houses having 
been sold to date. A further 
planning application has re- 
cently been submitted to extend 
the development 
A 38-acre site at Wootton was 
acquired in June to ensure that 
the company continued to have 
adequate space in the Oxford 
area to pursue its motor trade 
interests and plans were being 
submitted for the development 
of this site both for investment 

properties and additional facil- 
ities for the company’s motor di- 

Trading profit for the period 
increased from £2. 79m to 
f 4.82m; interest and stock fi- 
nance charges amounted to 
£375.000 (£275.000). Tax took 
£L51m (£810,000) leaving net 
earnings per 25p share of 3.74p 

The interim dividend 
raised from 0.66p to 0.75p. 


Sturge buys underwriting 
agencies in £15m deal 


Sturge Holdings, the biggest 
insurance underwriting agent 
at Lloyd's of London, is paying 
£15m for the BeUew, Parry & 
Raven group of underwriting 

A “very good chunk” of the 
money will go to BPR's three 
main shareholders, Mr Bertie 
Grattan-Bellew, Mr Charles Ha- 
ven and Mr John Parry, said Mr 
David Coleridge, Sturge 's chair- 

Sturge said that the consider- 
ation would include £3£m in 
cash, with the remainder made 
up of an issue of 2.58m new 
Sturge shares. Plans for the ac- 

quisition were first revealed in 

The BPR agencies made pre- 
tax profits of £832.000 in the 
year ending September 30 1086. 
But Sturge estimated that with- 
out various expenses which 
would disappear under the new 
management, BPR would actu- 
ally have made not less than 
£L7m pre-tax. 

The three-year accounting pe- 
riod used by Lloyd's syndicates 
means that BPR has not yet re- 
ceived commissions and other 
income relating to the 1985, 1986 
and 1987 underwriting years. 
All this income would go to 
Sturge, Mr Coleridge said. 

Welpac profits surge 

ON TURNOVER up from £2J»9m 
to £&59m, pre-tax profits of Wei- 
pac, the USM quoted packager 
of hardware supplies and man- 
ufacturer of light fittings, has 
produced pre-tax profits of 
£404,000 for the six months to 
July SI compared with £173,000 
for the corresponding period of 
the previous year. 

Timing s per 7p ordinary are 
up from 0.6p to L07p aftertax of 
£148,000 (£63,000). 

The figures include a substan- 
tial contribution from the 
Shawe group of companies ac- 
quired in March 1986. Welpac 
has traditionally experienced a 

seasonal bias towards the sec- 
ond half of its financial year, 
whereas Shawe group’s trading 
has been weighted towards the 
first halt 

Mr Gerald Lavender, the 
chairman, says the directors are 
confident of a continued im- 
provement in turnover and 
profit in the second half but 
stresses that toe bias towards 
the latter, six months trading 
would be less pronounced than 
last year. 

The company does not make 
interim dividend payments; last 
year’s single payment was 0.35p. 

profits up 
28 % midway 

Aquascutum Group, clothing 
manufacturer and retailer, saw 
taxable trading profits rise 
from £569,000 to £726,000 in the 
six months to July 3L Turnover 
was up from £17. 15m to £19.68m. 

Last time toe company also 
took in above the line an excep- 
tional credit of £648,000 - a rates 
refond - to give a total pre-tax 
profit of £L 22m. 

After reduced tax of £232,000 
(£480,000) earnings per 5p ordi- 
nary fell from Z72p to L62p- The 
directors declared an interim 
dividend of lp, up from last 
time’s 0.8p. 

The chairman expected im- 
proved results for the foil year. 

Futura loss rises 

Future Holdings; Cheshire- 
based footwear manufacturer 
which has in recent years re- 
ported interim losses followed 
by increased year-end profits, 
again reported a loss - of 
£102£88, up 55 per cent from the 
previous £85354 - for the 28 
weeks ending July 11 1987. 

But the directors said yester- 
day that turnover and trading 
profit for the tell year were ex- 
pected to be less than last year 
when pre-tax profits rose from 
£407,000 to £453,000. 

Sales over toe 28 weeks were 
similar to the comparative peri- 
od in 1986 at£1.69m (£1.67 m). 

The interim dividend is held 
at 23p and the loss per share 
worked out at9.08p (7.19p). 

Monday 26 October 

Signing of '£.100 m Sterling ConuneroiaC 'Fhper programme, 
arranged firr'BAA ptc>. 

Tuesday 27 October 

Signing of Su).fr.40m (U>wertibl& 3onoLfor 
Ma ges ‘Resourc&s. to-Oed kg £a**uceL Montagu, (Quizes ) S.A. 

Wednesday 28 October 

LaurvchseC £2Q0rn. MO F for United, Neus pa pers. 

Midland Cfroup TPsasarg mor {moartL 

PX hsctging £n&6rumervb,phe/ FXA. 

Thursday 29 October 

Launched fT50nc syndicated credit fittibUg for 

wbtfc&NP pic, andBurtu 4 »mo 3 ank,, 

Friday 30 October 

Signing of£2£>m- Syndicated Ldan, and overdraft 
■fiuUtfy for MBS pie,. 


Samuel Montagu's corporate finance and capital markets teams, together with 
colleagues in the Investment Banking Sector have completed another week of 
dedicated service for their clients. 

Samuel Montagu & Co. Limited 

A part of Midland Montagu, the investment banking and securities arm of Midland Bank Group. 


NOTICE IS HEREBY GIVEN that the twelfth income distribution 
(including equ ali s ati on where applicable)' for the period 25th September 1986 to 
30th September 1987 totalled US 5L19 cents GROSS per share. Certain withhold- 
ing taxes outside Jersey haste been deducted together with the management fee. 

COUPON NO. 12 at the rate of US 14.71 cents per share is payable on and 
after the 13th November 1987. 

Coupons should be detached from Share Certificates and presented for 
payment at the office of any of the Paying Agents named below, and left for three 
days for examination. Coupon listing forms may be obtained from the Paying 
Agents. COPIES OF THE REPORT for the period 25th September 1986 to 
20th September 1987 zdill be available to share holders at the offices named below. 

The Hongkong and 
Shanghai Banking 
PO Bax S9 
Bandar Seri Begawan 

hnemational Ltd 
PO Box 82 
39/41 Broad Strut 
St Helm; Jersey 

Bankc/s Bank (Hong 
Kong) Nominees Lid 
GPO Box No. 295 

Bank Burnt Daya 
JalanJuanda No. 20 

Banque Internationale 
a Luxembourg S JL 
Boite Postale 2205 
2 Boulevard Rqyal 

Mid- Med Bank 
Limited, Savings Office 
233 Republic Sum 
VaJklta, MALTA 

Bank of Nauru 
PO Box 289, NAURU 

Barclays Kol& Co NX 
Postbus 160 
1000 AD 

Amsterdam -C 

Australia 6/ Neto 
Zealand Banking 
Group Limited 
PO Box 1896 

Papua New Guinea 
Banking Corporation 
Port Moresby 


Barclays Bank SA. 
PO Box 135 
CH-1211 Geneva 3 

* Barclays Bank PLC 
Stock Exchange 
Services Dept. 

Second Floor 
54 Lombard Street 
London EC3P3AH 

•CAUTION In certain circumstances UK Tax may be deducted by Um paying agent only 






business caret ** 

Financial Timm 
Conference Oiga n toa Mon 

2nd Floor 
126 Jermyn Street 
London SW1Y4UJ 
te l ephone 01-928 2323 
telex 27347 FTCONFG 

Company Notice 

Europtan Investment Bank 

U.S.S 300,000,000 
Floating Rate Notes due 1996 

In ac cordance with the Description of the Notes. 

notice is hereby given that fbr the interest period 

from November 9, 1987 to May 9 , 1988 
the Notes will carry an interest rate of 7.15%per annum. 

The amount of Interest payable on the relevant interest 
payment date, May 9. 1988 against coupon n° 3 will be 
USS 36 1.47 per Note of US$ 10,000 nominal and 
US$ 361472 per Note of USS 100000 nominal. 


The Apart Sank 






Data dilemma for Europe’s PTTs 


rope wrer ue ucai mo is 

national barriers are broken 
down and the distinction be- 
tween data and voice traffic is 

These are among the conclu- 
sions of a new study undertaken 
by Butler Cox, the independent 
consulting group, which says 
that the data communications 
market presents significant op- 
portunities for new entrants 
working on an international ba- 

According to the report, the. 
expansion of business traffic 

presents attractive opportuni- 
ties to the national public tele- 
phone operating companies. 
But Butler Cox throws consider 
able doubt over the ability of 
these groups to exploit the mar- 
ket, arguing that the main bene- 
ficiaries are likely to be big 
multinationals with stronger 
commercial instincts. 

It will be very difficult for the 
public telephone companies to 
twice advantage of the opportu- 

one or the authors of the study. 
The Bundespost salesmen in 
West Germany, for example, are 
civil servants, and you cannot 
build normal incentives and bo- 
nuses into their pay structure. I 
thin ic the PTTs will be ham- 

Among the other points made 
by the report are: 

•Data communications Is be- 
coming a key area for user com- 
panies in establishing their 
competitive position. This trend 
Is intensifying as business be- 
comes more international. 

•Users are gaining more pow- 
er in the market and are likely 
to exert their Influence increas- 

be able to manage ail the data 
communications for their cus- 

•Although the regulatory po- 
sition varies in different coun- 

Lngly because many of their 
needs are still not being met in 
Europe. Many companies, for 
example, would like to be able 
to go to one operator and buy a 
complete European service, 
rather than deal with several 
different billing points and reg- 
ulatory authorities. 

tries, data communications 
have largely been deregulated 
in Europe. As telecommunica- 
tion systems move over to digi- 
tal technology, it will be in- 
creasingly difficult - to 
distinguish data horn voice 
communications, which are cur- 
rently re gu lated. Hence Butler 
Cox expects voice to be deregu- 
lated as well If you cannot po- 
lice a regulation effectively it is 
hard to enforce it,' says Norton. 

•New investment in private 
international networks dedicat- 
ed to the needs of a single com- 
pany Is likely to diy up over the 
next five years. Public systems 
will become cheaper, and 
shared networks will be easier 
to use. Only a few sectors which 

linked to the product being 

•Integrated Services Digital 
Networks (ISDN) technology 
may not make the impact which 
is being widely predicted for it 
ISDN allows data, voice and 
video communications to be 
transmitted through one socket 
over, tiie same line. It has there- 
fore been seen as a means for 
the public telephone companies 
to recapture the market which 
has switched to private data 
communications. But if outside 
network managers come onto 
the scene to cater to the total 
telecommunications needs of 
corporate clients, they may well 
undermine the impact of ISDN. 

To reach these conclusions, 
Butler Cox says it has inter- 
viewed 300 decision maker s 
across Europe. It will be charg- 
ing between £7,500 and £20,000 
for the report, depending on the 
amount of detail required by 
the purchaser. 

W.H. Smith 

gives cable 
TV a spin 

IBM puzzles industry with a 
6 late switch of announcements 9 


By Geoffrey Charflsh 

AN INTERACTI VE cable tele- 
vision system called Cable Ju- 
kebox has been developed by 
Praxis Systems of Bath, the UK 
computing systems company. 
Commissioned by WJLSmlth 
Cable Television of London, it 
went into action in Coventry 
on November 1 and the compa- 
• ny will be offering it to other 
Interested cable TV operators. 
Praxis Is also able to develop 
other systems to specific-eas- 
terners’ requirements. 

'Jukebox* is an apt descrip- 
tion but, instead of putting 
money in slots, subscribers 
use hand-held units in con- 
junction with TV sets to select 
pop videos from np to 1,000 
Items held on video disc play- 
ers at the cable company. 

Signals are sent 'backwards' 
up the cable to the company’s 
premises and in 10 seconds or 
am a message conies back and 
appears at the top of the 
screen, indicating when the 
selection will be played. 

Software within an associ- 
ated minicomputer controls 
the response to the various re- 
quests that are being made by 
subscribers. For example, the 
most frequently requested 
items are played first - 

IBM last week lived up to its 
seven-month-old promise to 
ship a version of the new oper- 
ating software for its PS/2 fami- 
ly of personal computers in the 
first quarter of 1388. 

It announced that it will be 
shipping the new system, OS/2, 
in January 1988. The announce- 
ment, made simultaneously in 
all IBM’s major markets, gener- 
ated feelings of relief among 
competitors who had been ex- 
pecting much more significant 

It is understood that IBM had. 
In fact, prepared a number of 
completely different announce- 
ments bat withdrew them at the 
last minute. There was a dis- 
tinct feeling of disillusionment 

Last week, speaking at a Fi- 
nancial Times conference on 
professional personal comput- 
ers, Brian Utley, group director 
of workstations for IBM Europe 
said that versions of OS/2 had 
been under test for a year now 
and that some 1,000 users inside 
and outside IBM had experi- 
ence of the software. The re- 
sults had been gratifying, he 

OS/2 is a control system for. 
personal computers developed 
jointly by Microsoft, the soft- 
ware company, and IBM. It is 
designed specifically for IBM's, 

new microcomputer family 
where It can make the most of 
featu res l ike the power of the 
Intel 80386 microprocessor chip 
and IBM’s new micxochaimel 
computer design. 

The version of OS/2 customers 
will have available in January, 
however, will be far short of the 
full power ofthe system. 

It will make possible multi- 
tasking (the capacity to carry 
out more than one task at once) 
and give the ability to use up to 
16m characters of memory (16 
megabytes). The most powerful 
IBM PC at present can address 
only 640,000 characters. 

The most important features 
ofthe new system, such as 'pre- 
sentation manager* which en- 
ables the user to open several 
•windows' on the screen of the 
computer to cany out separate 
tasks, 'database manager* 
which will give personal com- 
puters the power to seek and re- 
trieve data in a manner similar 
to mainframes and 'communica- 
tions manager* which will facil- 
itate the links of personal com- 
puters in networks, will not be 
available until later next yean 

IBM also announced: 

•Displaywrite 4/2. a word pro- 
cessing program running 
OS/2, available in the second 

•An IBM version of Unix, the 
fast growing multiuser operat- 
ing system, to run on the PS/s 
machines, available in the third 
quarter of 1988. 

•A new version of IBM’s 3270 
workstation program, available 

in the second quarter of 1988. 

Microsoft intends to make 
versions of OS/2 available com- 
mercially. IBM this week im- 
plied that its versions gave cus- 

tomers unique advantages. Ian 
Reynolds, director of sales and 
services for IBM UK said : “No 
other version of OS/2 can offer 
full Systems Applications Ar- 
chitecture and the benefits of 
portability, systems integration 
and application consistency.* 

In the US . IBM advanced the 
launch of the first standard ver- 
sion of OS/2 to December, a 
month ahead of schedule, and 
announced delivery dates for 
more advanced versions of the 
operating system in 1988. 

IBM’s announcement is not 
expected to significantly hasten 
the adoption ofthe new operat- 
ing system, but it may ease con- 
cerns among potential IBM PS/2 
customers that availability of 
the operating system, like so 
many p re-announced software 
products, could be delayed: '< • 


The Financial Times proposes to 
publish a Survey on the above on 


For a full editorial synopsis and details 
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The Financial Times proposes to publish a Survey on the above. The 
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industries in the coming year. The main emphasis will be on the 
U.K. but the international context will be folly explored. Important 
trends affecting each business sector will be analysed and 

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How down to earth 

research has gained 

i m Tg ronu/rwr _, r w ; . m. njfjp, because of their commit- ®At least three companies ca- have special needs, such as 

ssssszes «s stsss-- saMtti/ss as r - - -* 



II — «■ i py vtoWl ^w b 


TECHNOLOGY spin-off* from the US 
•pace programme area to be by happen- 
stance. Somebody dose to Nam saw com- 
mercial potential in t be arcane scientific 
work of the space laboratories and built a 

business upon it Teflon and ‘Tang*, the 
orange uowder drink, an the classic ex- 

Today, however, the 'bonuses' of eom- 
nercial spin-offs are becoming a prereq- 
iisite Of Nass’s molti billion dollar 

Sometimes the serendipity still works. 
The 'rlMete' coating aspUeatotbe Ameri- 
ca’s Cup winning yacht "Star* & Striped* 
emanated from Kasa research upon 
shark 1 * skin and the reduced air or water 
drag effects npaa g rooved s ur fa ce*. 

uisite or Nasa’s multi union dollar 
budget and the agency Is taking foe Initia- 
tive in transferring space technology 
'down to earth*. Indeed, Nasa is promoting 
itself as a "national resource* to be used to 
boost American 'competitiveness" and 

... — -. - — - - ■ — Ik 

. tJ BstahHshlug good lines of cammum- 

SStoSfSd high^^ 

who might take advantage ofthetr re- 
sources may be every Mt ascbaUenguig 
as sending back pictures of enter space; 

Nasa "is on another plan*,' as one M*h- 
tech entrepreneur put it The atiturri gap 
between me commercial world and the 
Space laboratory is immens e. 

Nam fe trying hard, and the agency ean 

Spotted by aMCraratian resewpehm; 

foe Nam r es e ar c h brief graved to be tire 
key to foe manufacture aad application of 

technical expertise. 

This in a dramatic switch from foe good 
old 'glory days' of foe US space pro- 
gramme when Nam scientists would 
hardly stoop to get involved in cwnmer- 
dal omhooft of focir primary goals. 

But foe transformation !* not proving 

boast many apparently successful com- 
mercial ventures that have taken advan- 

mercial ventures that have taken advan- 
tage of Its bread high technology 
expertise. Still, most of foe raaee race 
spuboffe are linked to former Nasa em- 

spin-offis are linked to former nasa em- 
ployees who hardly needed to be told of 
the wealth of rca oa rcea within Nam’s 
space prog r a mme* . 

Space cowboys 

Perceptive Systems of Houston, 
Texas, is typical of the type of 
spin-off run by former space 
agency employees. 

The three-year-old company 
was launched by 'a bunch of old 
cowboys from the space pro- 
gramme/ boasts co-founder Don 
Winkler, who used to work at 
the' Johnson Space Center in 
Houston, Texas. 

The chromosome charting 
systems that Perceptive 
Systems have developed have 
their roots in medical digital 
imaging systems developed at 
Nasa’s Jet Propulsion Laborato- 
riesdPL) in the 1970s, says Ken- 
neth Cast! Groan, president of 
PSI and former director of bio- 
medical image processing at 

The PSI systems, which are 
used in pre-natal diagnosis of 

called a karyotype- 

A1 though PSI has several 
competitors its systems are sig- 
nificantly less expensive than 
others. In part, the company 
says, thi* is because all of the 
basic research was conducted 
at JPXv so research, and' devel- 
opnmnt costs have been minim- 


Bird’s eye view 

Former Nasa scientist, Laurie 
Johansen, credits the agency 
with providing an environment 
in which she, as a biologist, had 
an opportunity to swap notes 
with engineers developing light 
filtering systems used in sun 
simulators. The result is a fledg- 
ling company that produces 
highly-acclaimed sunglass 
le n ses. 

The stimulation, of foe Space, 
laboratories, but also Ironically 
the frustrations of - working 
within its bureaucracy, drove 
Johansen to start her own com- 
pany, called Suntiger. 

1 think Nasa’s Jet Propulsion 
Laboratories provide foe per- 
feet mix of excitement and frus- 
tration to create new busi- 
nesses." she remarks. 

S untiger's sunglasses mimic 
the natural microscopic light 
filters that block blue, violet 
and ultraviolet light in the eyes 
of penguins, eagles and other 
birds of prey. The glasses have 

gramme has been established* 
Castleman adds. 

Nasa employees who have 
long been discouraged from tak- 
ing up outside commercial in- 
terests will adapt only slowly to 
foe new openness, adds Laurie 
Johansen of Suutiger. 

Companies looking for "free" 
technology from Nasa must also 
be aware, Castleman warns, 
that space technology does not 
come ready packaged for com- 
mercial applications. "Nasa has 
never made a single Teflon 
coated frying pan. 1 ” he notes. 
"Technology transfer cannot 
substitute for in-house exper- 
tise. The company needs to have 
its own technology resources.” 

Outsiders can tap Nasa 
know-how with help, suggests 
Johansen. An informal pipeline 
between JFL and industry has 
existed for several years in 
form of "Venture Technology” a 
company created by James 
Stevens, one of the JFL engi- 
neers involved in the welding 
curtains project 

But Stevens is an exception to 
the rule, "a renegade who 
pushed for years to win approv- 
al for his commercialisation 
ideas,” according to former col- 

Bridging the gap 

A new organisation aiming to 
bridge the cultural gap between 
Nasa labs and the commercial 
world is RimTech, a non-profit 
group that grew out of a 
Southern Californian high-tech 
business group’s interest in ex- 

S totting the potential of Nasa'a 
et Propulsion Laboratories in 

RimTech maintains that en- 
trepreneurs, individuals who 
understand both the underlying 
Science of new technologies and 
the markets where they can be 
applied innovatively, are the 
best agents for transferring 
technology from laboratory to 

Acting as a kind of marriage 
broker, the group has brought 
together ten small to medium- 
sized high-tech companies with 
Nasa experts over the past year. 
For $25,000 a piece, the compa- 
nies buy a the collec- 
tive expertise of Nasa’s thou- 
■ sands of scientists and 

-Does the system work? So for. 

Electric arc welding emits 
brilliant rig ht that can.' cause 
eye damage if the observer 
stares at the glare for an ex- 
tended period. While the weld- 
er is -protected by a shield rm 
his helmet, people working 
around him can be at risk. 

In the late 1900s, Wilson Sales 
company originated the concept 
of a transparent welding cur- 
tain made of heavy duty vinyL 
"The curtain blocked some of 
the high-intensity light while al- 
lowing the s upe r v isor to make 
sure that the welder had not 
fa llen asleep J* says David Wil- 
son, company founder. 

Under competitive pressure, 
Wilson tried to improve its 

become especially popular 
among glider pilots in the US. 

welding curtains to filter out 
more of dangerous high energy 
bine and ultra-violet light Be 
tuned for help to JPL scientists 
Charles G Miller, a nuclear 
physicist specialising in foe in- 
teraction of photons with mate- 
rials, and James B Stephens, a 
systems engin eer. 

Over a three year period, the 
JPL scientists developed a ma- 
terial that incorporates light fil- 
tering dyes and small particles 
of zinc oxide. The new curtain 
absorbs, filters and scatters 
light to improve the safety of 
welders and co-workers. 

As well as filtering out faazm- 
fai rays, the curtain fluoresces 
to provide the welder with bet- 
ter ambient lighting 

among glider pilots in the US. 

The company's latest lenses 
are designed for use by skiers 
and water sportsmen with extra 
protection from the reflective 
glints from the snow or water. 
As well as providing comfort 
and increased visual accuracy, 
the Suntiger lenses can contrib- 
ute toward the prevention ofthe 
eye damage caused by high en- 
ergy light 

"Over a period of yean, re- 
search evidence suggests these 
glasses, with their substantial 
safety element could have a 
preventative effect on the inci- 
dence of age-related blindness," 
says Michael T Hyson of JPLb 

for cancer patients undergoing 

One of the distressing side ef- 
fects of chemotherapy is hair 
loss, but doctors have found 
that lowering the temperature 
ofthe scalp reduces the amount 
of drug absorbed by hair folli- 
cles and pr ev e n ts hair falling 

JSC originally devised a pro- 
totype scalp cooler as a comma-, 
nity service project in 1980, but 
the device went unused until 
Virginia Hughes, a JSC employ- - 
ee, developed the disease lym- 

Her husband, HMerv Hughes, 
a senior management analyst at 
JSC requested the use of the 
scalp cooler for his wife. The 
device worked remarkably well 
and the husband and wife team 
decided to form a business to 
commercialise the system. 

Composite Consultation Con- 
cepts, their company, spent 

participants are pleased. "We 
m oved farther in one day atNa- 
sa/JPL than we could have 
in-house in a month,” acknowl- 
edges one participant "We 
could not afford to buy facilities, 
like they have at JFL, but we 
could pay to use them and im- 
mediately broaden our testing 

RimTech plans to expand its 
field of operations into North- 
ern California next year, seek- 
ing venture capitalists as new 
Nasa clients. The investors in 
new high-tech ventures could 
use Nasa’s expertise in evaluat- 
ing business plans and the prog- 
ress of the companies they have 
invested in, suggests Andrew- 
Paterson of RimTech. 

If it is successful, RimTech 
will link the citadel of entrepre- 
neurial strength with one of the 
most powerful scientific re- 
search organisations in the 
world. The combination could 
be explosive, but will it really 
assist existing ventures, or will 
it simply encourage more Nasa' 
scientists to seek . new chal- 
lenges in the world of commer- 
cial enterprise? . 

three years refining the design 
and introduced the “Chemo- 

and introduced 
Cooler" in 1885. 

Inside edge 

Curtained off 

Cool heads 

Putting related 

quite another use, the 
Sales Company of Rot 

Sales Company of Rosemead, 
California, developed safety 
welding curtains In conjunction 
with JPL scientists. 

Another spin-off success story 
comes from the Johnson Space 
Center in Houston. Texas 
Adapting technology developed 
to keep astronauts comfortably 
cool beneath their space suits, 
JSC developed a scalp cooler 

r.; ; v-v 

Former Nasa scientists who 
have "landed* in the commer- 
cial world, acknowledge that it 
is for more difficult for "outsid- 
ers* to tap the expertise of the 
space laboratories. 

"As ex-employees we knew 
where to go to get the help we 
needed. " says PSI co-founder 
Kenneth Castleman. "The tech- 
nology transfer systems are In 
place, but you have to under- 
stand how the system works. 
You have to understand the cul- 
ture,' he explains. 

"Most Nasa engineers regard 
commercial inquiries as a dis- 
traction, unless a formal pro- 

* " . . . lf . 

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Hncii! Times Tuesday November 10 1987 



Queen’s Bench Division (Com- 
mercial Court)3Ir Justice Hirst; 

October 29 1967 

iND pm 
sons are required by case law to 
Justify release of a litigant or $o- 
ucitor from an implied under- 
taking tethe coart not to use dis- 
covered confidential docoments 
for a collateral purpose. And 
even taking account af a subse- 
quent son-retrospective rale af 
court that the undertaking 
ceases once the document has 
been referre d to In open court, 
such reference is insufficient 
reaaou in Uaelf to justify release 
if it received so little publicity 
that confidentiality was net de- 
stroyed, and if there is a risk of 
prejudice to the owner of the 

Hr Justice Hirst so held when 

cannot be used 

■' ■ i 

plied undertakings given in the 
Cambridgeshire action not to use 
fbr a collateral purpose docu- 
ments produced on discovery by 
Canaulez Ltd- 

HIS LORDSHIP said that in 
the Cambridgeshire action Bibby 
and its solicitors gave the court 
implied undertakings not to use 
a discovered' document dis- 
closed by the defendant Cansu- 

They now applied to be re- 
leased from the undertakings, 
so as to be permitted to transmit 
the document to Pactolus Com- 
pania N a viera SA, for nse in an 


In the action Bibby claimed 
dgwing pg a gainst. Cansnlex for 
c or rosion to the Cambridge- 
shire after carrying sulphur 
from 'Vancouver to Africa.- The 

«»iaim centred on an allegation 

that Cansnlex shipped cargo 
dangerous to the vessel in that 
it possessed the potential to 
corrode, in breach of the bill of 
lading contract 

One of the issues was whether 
sulphur bad that propensity, 
and 'whether Cansnlex knew 
that it did before it was 

As part of discovery Cansnlex 
disclosed a document consist- 
ing of minutes of a meeting held 
In. its conference room in 1974, 
addressed by an expert in sul- 
phur research. He. adverted to 
research on the corrosive ef- 
fects of wet sulphur on mild 

During the action Bibby’s 
counsel read out in open court 
the body of the document, but 
not the details of the persons 
who attended the meeting. It 
was one of a number of docu- 
ments by which Bibby sought to 
fix Cansnlex with the relevant 

The following day Lloyd’s List 
reported the action, with a ' 
headline ■Court told informa- 
tion on corrosion was con- 
cealed.* The report contained 

no specific mention of^nor any 
Quotation from the document 

Use of the document was 
sought by Pactolus in an arbi- 
tration relating to a vessel 
which carried sulphur from 
Vancouver in summer 1977. 

Neither Bibby nor Cansnlex 
was party to the arbitration. 
Nor was there any connection 
between Bibby and Pactolus, 
apart from the fact that both 
were entered in the same de- 
fence association and were rep- 
resented by the same solicitors. 

The alleged significance of 
the document was that the list 
of attenders at the meeting in- 
cluded a Hr Y, who was said to 
have subsequently entered the 
employ of a Canadian company 
associated with the respondents 
in the arbitration. The solici- 
tors wished to use the document 
to pin knowledge of the alleged 
corrosive potentialities of' sul- 
phur on the respondents, via Mr 

Order 24 rule 14A of the Rules ' 
of the Supreme Court provided 
that any undertaking not to use 
a document for purposes other 
than the proceedings in which it 
was disclosed ceased after it 
was read or referred to in open 
court, unless the court ordered 
otherwise “for special reasons* . 

The rule only came into force 
on October 1 1987. It was not ret- 

The existence of the implied 
undertaking had long been re- 
cognised and its importance 
emphasised. In Home Office v 
Harman 1983 1 AC 280 Lora Di- 
plock said an order for produc- 
tion of documents to a solicitor 
was made on the Implied under- 
taking that he would not use 
them for any collateral purpose, 
breach of which was contempt 
of court 

The majority in Harman held 
that the reading out of a docu- 
ment in court did not bring the 
implied undertaking to an 
exuLThe "ratio decidendi” was 
that continuance of the under- 
taking was of paramount impor- 
tance to encourage foil and un- 
reserved discovery . of 

In Crest Homes 1987 3 WLR 293 
Lord Oliver said that to secure 
release from the undertaking it 
was necessary for the applicant 
to demonstrate 'cogent and per- 
suasive reasons why it should 
be released*. 

In Sifbron 1985 Ch 299 Mr Jus- 
tice Scott said that if the confi- 
dential nature of the document 
had vanished due to public dis- 
cussion, the court should give 
weight to that feet when decid- 
ing whether to grant leave to 
nse it fora collateral purpose. 

While renouncing any sugges- 
tion that the new rule had retro- 
spective effect, Mr Legh-Jones 

for Bibby submitted that it had 
effected a major policy change 
and promoted a new discovery 
regime which fe tally under- 
mined the rationale in Harmon. 

He submitted the importance 
of encouraging foil and frank 
disclosure no longer had para- 
mount^, because disclosure on 
discovery would always be sub- 
ject to the likelihood of the doc- 
uments being read out in open 
court and freed from the im- 
plied undertaking. 

The main majority reasoning 
in Hannon was not undermined 
by the rnle,even in the foture. It 
would remain a paramount con- 
sideration. If the contrary were 

so, the value of discovery, which 
was fundamental in securing in 
the ends of justice, would be se- 
riously compromised. 

Undoubtedly the new rule en- 
acted a new regime, but it was 
much too early to say how the 
courts would work it out in 

Hr Legb-Jones’s submission 
came perilously dose to introd- 
ucing retrospective effect for 
the new rule by the back door. 
Such an effect would be partic- 
ularly unjust to Cansulex seeing 
it had no opportunity to safe- 
guard its position under the 
concluding provision of the 

The submission was rejected. 

On the other hand, it would 

not be right to turn u completely 
blind eye to the rule. The court 
would take it into account in the 
exercise of its discretion, in a 
manner similar to that adopted 
in Sybron. 

The new rule could not possi- 
bly qualify as a 'special* cir- 
cumstance sufflcent in itself to 
justify release or the implied 

Hr McLaren for Cansulex 
pointed out that in all the re- 
ported cases on release, intend- 
ed use of the document was to 
be by the party giving the un- 
dertaking, for his own benefit 

That did not rule out the pos- 
sibility that a case might arise 
where it was appropriate to al- 
low release for use by third par- 
ties, not for the benefit of the 
party giving the undertaking. 

In exercising its discretion 
whether to release Bibby and 
the solicitors from the implied 
undertaking, the court consid- 
ered inter alia whether the doc- 
ument was still confidential 

Here publication in open 
court or in a transcript, did not 
automatically remove a docu- 
ment’s confidentiality. 

Although the present docu- 
ment was read out in open court 
and quoted in the transcript 
(without listing attenders at the 
meeting), there was no evidence 
as to public attendance at the 
trial, nor of dissemination of 

the transcript The Lloyd's List 
report contained no quotation 
from,nor reference to the docu- 

The court was for from satis- 
fied that all the damage had al- 
ready been done.having regard 
to the absence of further publi- 
cation-Nor, on the evidence, did 
it regard the potential value of 
the document to Pactolus as 
very high. 

Another consideration was 
whether release was likely to 
cause prejudice to Cansulex. 

AlleGed corrosion by sulphur 
was a fruitful field of litigation. 
Although the purpose of using 
the document in the arbitration 
would be to pin knowledge on 
the respondents, it was highly 
probable it would become 
known to all parties and their 

There was no evidence of 
likely deliberate impropri- 
ety.but there must be a real risk 
that the document might re- 
ceive further dissemination to 
Canulex’s detriment There was 
risk of prejudice to Cansulex. 

Those considerations told 
against grant of the application. 
Even taking account of Order 24 
rule 14A, the arguments in fa- 
vour fell far short of the 'cogent 
and persuasive' reasons re- 
quired to justify release. 

The application was refused. 

For B ibby:Nicholas Legh-Jones 
(Holman Fenwick & Willan) 

For Cansulex: UD McLaren 
(Linklaters & Paines) 

By Rachel Davies 



Through the j 
Weekend FT 
Property Pages 

(£> 01-489 0031 * 

Societe Anonyme 

As of October 31, 1987, the 
unconsolidated net asset 
value was usd 
277,135,247.74 i.e. usd 
395.91 per share of usd 50 
par value. 

The consolidated net asset 
value per share amounted 
as of October 31, 1987 to 
usd 418,11 


6,133,600 American depositary shares 


24,534,400 ordinary shares 

UBon w Bi nif cqpyWMaftp ft w aM dM rrtMn ff tW — m n — ft ftiamoiof 
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(MnaMi n wmmaat sum. nmmmemm ame$kmCfmirRrmmmR/sm ftnpwM, 
antf mu vnounwMl naaOMr an oHm not • aotatwan a* any o<tor is bur. 




In August this year; BET successfully issued 24.5 
million shares in ADR form, in the USA and Ca na d a . 

We raised US $109.6 million (£67.7 million) and 
established a market for our shares in North America. 

The unusually hi gh take-up amongst individual investors 
reflected our priorities in attracting employees, potential 
customers and others local to our businesses. 

Quietly and efficiently we have built up our various 
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Americans refy on us. We bring fruit juice to their 
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And otu services have gone right to the top -not only 
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Our successful share issues in the US and Pa n ada 
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It’s good to kr»w that North American investors 
have confidence in us, toa 

4,533,600 American depositary shares 

re pres e nt in g 

18,134^400 ordinary shares 

Price $17,875 per American depositary share 

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Tljcjunv Aotoony 4 ft t_ Day, tnc. Uada n oood. Mouhaua I CO. Wheat. Fkal SacuUaa, toe. 

1,600,000 Americandeposftary shares 

repwuun Bng 

6,400^)00 ordinary shares 

Wee CAN $23.68 per American depositary share 

Has penon atmoSmlng O bans eOntf In CtoaM by maandnWnt 
MauB Lynch Canada Inc. 

Wood Gundy Inc. 

DonMen Soeufttto* Ma 
NaaMN Thomm Deacon Ud. 

oaamixmr ' 

. Uvaaguo. B aoub ton Inc. 

McLeod Yamg Wrir Unfed 
Me to wto m ftaan a bl ald a of rana i to | bidtod 

This anuoutiremeat appears as a matter of record onty. 


is pleased to announce 
the establishment of a 




BET Public Limited Company 



For further information regarding The Bank of New Yorks ADR Services, please 
contact Joseph Velli in New York (212) 530-2321, Michael Cole-Fomayn in London 





Financial Times Tuesday November 10 1987 

■'*** ' 

S C 

Drive to bolster 
lobster supplies 


EC outlines plan to delay hormones ban 


THE FIRST roand-np of lob- 
sters that have been returned 
to the wild in an experimen- 
tal “ranching" scheme by the 
Seafish Industry Authority is 
still a couple of years away. , 

But the experiment, 
launched in 1984, has been 
enough of a success so far for 
the authority to be releasing 
another 3,800 four-month-old 
specimens Into Scapa Flow In 
the Orkney Islands today. 
They will need to survive the 
perils of the wild for at least 
five years before they are 
brought to the table. 

The baby lobsters, which 
are only about three centime- 
tres long, have been reared In 
captivity at the authority’s 
marine fanning unit in Ajrd- 
toe, Argyll. The Seafish In- 
dustry Authority - a statutory 
body charged with looking af- 
ter the industry from the 
catcher to the table - is run- 
ning the experiment with the 
aim. of enhancing the avail- 
ability of stock for commer- 
cial fishermen. Last year 
Scotland's lobster catch was 
650 tonnes, worth £4.14m. 

A similar experiment aimed 
at Increasing salmon stocks 
by breeding the fish in captiv- 
ity and returning the young- 
sters to the wild has been car- 
ried out snccessfuUy in 
Alaska in the US - hence, the 
term “ranching". 

Mr Jeremy GvusaeD, of the 
Seafish Authority, said a 
t«mni of three divers would re- 
lease the lobsters in five sites 
around Scapa Flow at depths 
of 15 to 25 metres “to order 
to help them into a dangerous 

Each youngster has been 
tagged, despite its tiny size, 
using an injection method 
which allows it to retain the 
tag when it sloughs its shell. 
Local fishermen have proved 
that it is possible to trap and 
identify the lobsters. 

The project has been back- 
ed by both the Highlands and 
Islands Development Board 
and the Orkney Islands Conn- 

Meanwhile the authority’s 
halibut farming project has 
taken a step forward with the 
formation of The British Hali- 

but Association, which aims 
to support the development 
of commercial halibut cultiva- 
tion in the UK. 

Last numer the authority 
succeeded in breeding halibnt 
for the first time at the Ard- 
toe research unit. The new as- 
sociation, which has SO mem- 
bers drawn from the fish 
farming industry, will provide 
backing for the authority to 
collect farther- potential 
broodstock from the wild, and 
to continue breeding and 
rearing trials. 

Irish company 
in mineral 
sands venture 

By Kenneth Gooding 

Dublin-based mineral and natu- 
ral resources company, has 
agreed a 50450 joint venture with 
the Geological Survey of Yugos- 
lavia (GEO) to develop a mineral 
sands deposit in Mozambique. 

The company says that during 
the past five years GEO has iden- 
tified proven reserves of 28m 
tons or ore with an average 
grade of 8 per cent mineralisa- 
tion. It claims the current mar- 
ket value of the 22m tons of 
heavy minerals in the proven re- 
serves is about SlOOm. 

The deposit occurs between 
the towns of Angoche and San- 
gage on the Northeast coast of 
Mozambique in a strip of coastal 
dunes. Kenmare says the heavy 
mineral concentrate yields the 
following average constituents: 
zircon 4.4 per cent; titan o- mag- 
netite 8.1 per cent; ilmenite 83.6 
per cent; rutile 2.6 per cent; 
monazite 1.3 per cent. 

Metallurgical tests indicate 
possible recovery rates of 85 per 
cent to 90 per cent, the company 

{Change during week ended last Fridafl 

AfcjfWntum standard -US to 57.700 

AkmMvn high grade ♦ 750 to 46850 

Copper -5950 to UWO 

Lead 700 D-1B9SB. 

Ntokal 1-300 to 3,150 

Zinc -75 to 3MS0 

Tin -2SS to 193M 

Steer (oz). 4-162300 to 20368300 

Wheat insurance blow 
for Australian growers 


wheat farmers face an unexpect- 
ed increase in their costs because 
of a decision by the Australian 
Government to raise premiums 
and reduce insurance cover for 
the country's wheat exports. 

The move is a blow at a time 
when Australian growers have 
already reduced plantings and 
sought alternative crops because 
of weak prices in the oversuppl- 
ied world market. 

This year Australia, which reg- 
ularly ranks around third or 
fourth in world wheat and flour 
exports, is expected to. produce 
less than 14m tonnes compared 
with 22m tonnes in 1888-84. Ex- 
ports will amount to some 11 - 
12m tonnes. 

Under the new insurance 
terms, premiums have been in- 

Government's own coffers and 
reduce contingent risk. 

it, for example, has been 
lule ii 

creased by 25 per cent for most 
countries but ' 

by 50 per cent for 
ana Iraq, Aus- 

ex ports to Egypt 
tralia's two largest credit custom- 
ers. Another 15 per cent conces- 
sion - a type of "no claims 
bonus' - has been removed. . 

The Government has also cut 
the cover provided by the insur- 
ance. It will now cover a flat 80 
per cent of repayments. Previ- 
ously it covered §5 .per cent in 
the first year arid 95 per cent in 
the second and third years. 

According to the Australian 

_ to reschedule its external 
debt, and this includes repay- 
ments due to Australia for wheat 
sales made on credit terms. 

Mr Clinton Condon, the 
Board’s chairman, said the Gov- 
ernment's move failed to ac- 
knowledge the ‘extremely com- 
petitive” credit arrangements 
offered by the governments of 
competing wheat exporters - In 
some cases with cover up to 100 

Credit sales of wheat would ac- 
count for some 30 per cent of 
Australian wheat exports this 
year, the Board said, and were 
an important factor in world 
wheat trade. Australia's rates 
should therefore be kept compet- 

“None of our customers who 
purchase wheat on credit has ev- 
er failed to make their pay- 
ments," Mr Condon said. “The in- 
crease in premiums fails to 
recognise the payment perfor- 
mance of our credit customers 
over a 15-year period." 

Customers would have difficul- 
ty u n dersta n ding the decision, as 
would wfa ea tgrow eis . the Board 
said. ' '' - 

•Overall demand for Austra- 
lian wool l&Dkely to remain 

country’s wheat exports, the de- price drop in the market last 
risions wDI cost wheat ; 

growers week, according to the Austra- 
At5m (SlJ96m} a year and are Jian Council of Wool Exporters, 
designed simply to swell the Beater r eporta from Sydney. 


THE EUROPEAN Commission 
yesterday put forward outline 
plans to allow EC member states 
to delay imposing a total bah on 
beef treated with growth-prom- 
oting hormones. 

The proposal, put forward to a 
meeting of the joint veterinary 
committee of Commission and 
national officials, marks a step 
towards defusing a potential 
trade row with the US- while the 
Committee did not agree on a 

final deal yesterday, it was the 
Brussels authorities first official 
indication that there is room for 

The committee fe due to meet 
again at the end of the weekto 
try to tie up the details. These 
include how long member states 
should be allowed to defer apply- 
ing the prohibition, probably a 
year to 18 months. Under the 
outline proposals, EC Govern- 
ments would be allowed to oon- 

i posing I 

a 1 rules on hormones in food 
untQ the overall ban comes into 

during the period far an outiight 
end to the hormone prohibition. 

Community more time. 

Washington was outraged by 
formally due 

the proposed' ban. 

to come into effect next January 

because it could prevent . ... 
of moto than -5130m worth of 
hormone-fattened US meat to 
the Community. While the US 
would gladly accept a temporary 
delay, it would continue to press 

-.Yet Commission officials tan- 
phasxsed that the transitional ar- 
rangements did not affect the 
principle that there would even- 
tually be a hormones ban, as 
agned by EC Agriculture Minis- 
ters nearly two years ago. ‘inas 
suggests that even if the EC and 
the US do agree this week, the 
deal will have at best bought the 

Although the diplomatic pres- 
sure from Washington fbrap«i- 
od of grace has been consider- 
able. there is also an important 
practical justification for delay- 
ing a hormones ban. There is s> 
much hormone impregnated beef 
on the hoof and in store that it 
would take some EC member 
stales several years to effect 
their own ban. 

Beefing up Britain’s dairy herds 

AS A consequence of the gradual 
reduction in dairy cow numbers 
following the EC s imposition of 
milk quotas in 1984 the limited 
number of calves available for 
rearing Is beginning to be reflect- 
ed in a very fast trade for those 
needed for veal production. This 
has been particularly marked in 
British livestock markets, where 
prices for Friesian bull calves in 
October were about 30 per cent 
higher titan at the same period 
last year. 

The trend has been supported 
by a very strong demand from 
France and the Netherlands. 
British live calf exports are run- 
ning at twice last year's level 

id i ' ' 


By John Cherrington 

the Continent, in which the ani- 
mals so tightly confined that 
they cannot turn round. Th£ use 
of these crates is repugnant to 

many observers, myself includ- 


continue to be very brisk until 
the new year. 

It would seem sensible for 
farmers In Britain to rear the 
calves themselves to export as 
carcases to the Continent, where 
veal consumption is . much 
higher. UK consumption is about 
40,000 head a year compared 
with 7m in the rest of the EC. 
When questioned on this point 
some veal producers here claim 
that the Europeans use growth 
-promoters, implying that they 
are banned in this Britain. This 

is not yet true, although there 
in rot 

may be an EC ban in force by 
the early 1990’s. 

They also point to the much 
criticised veal crates common on 

ed. I am used to rearing calves 
on straw. Again there are as yet 
no overal EC rules on housing. It 
would in fact be a bit naive to 
expect the veal rearing countries 
to agree to a major of 

housing in the short term, be- 
cause of the cost of scrapping 
and replacing millions of crates. 

There should be no real differ- 
ence in feed costs as the milk 
powder which is a major constit- 
uent of calf food Is traded in an 
EC- wide market - any differ- 
ences is due to the relative effi- 
ciencies of the production and 
marketing systems. Here again 
the small size of the UK market 
and its fragmented production 
base are major disadvantages. In 
' France the industry- is well inte- 
grated, with either co-operatives 
or large companies supplying 
farmers wfth calves and feed; su- 
pervising their developement; 
aqd finally selling thorn on to a 
very strong market. 

The strength of demand was 
well illustrated when French 
consumers shrugged off warn- 
ings that a proposed ban on 
growth promoters would raise 
the price of veal by 15 percent. 
They were not willing lose a fa- 
vourite item of their diet for the 

calves have poor conformation 

and are difficult to make into an 
acceptable butchers . carcases. 
Once crossed with a beef breed, 
however, the resulting calf win 
make an acceptable beef animal 
which can make a fair export 
price, -even better in some cases 
than the pure Friesian. But this 
applies only to the male animals, 
the heifer calves mature too soon 
and are often too fat. 

Should the export trade for 
Friesian calves be maintained 
with a premium over crossbreds 

ago in this country wlth.the aim 
of rebuilding the cattle herd 
which had been run down dur- 
ing the war and the results were 

quite interesting. It was found 

that e 

while it was possible to in- 
crease. the number of embryos in 
a cow by hormone ' treatment 
their numbers could not be con- 
trolled . 

This led to multiple births of 

it is quite probable that pure 
breeding wul become the rule 

sake of a few francs on the shop- 
' If it could 

ping bill, it appeared, 
be proved to them that a growth 

promoter ban would be good 
their health they seemed to 


they seemed to ac- 
cept it. 

strong export demand for veal 
calves has come as a welcome 
bonus to LTK dairy farmers. Most 
dairy hods today are of Friesian 
or Holstein breeds which do not 
rear very satisfactorily into ma- 
ture beef carcases - although 
when crossed with beef breeds 
they can produce very satisfacto- 
ry animals for fattening. But 
dairy tenners have to breed a 
large proportion of their cattle to 
the pure breeds In order to se- 
cure enough heifers for replace- 
ment cows, and as about half the 
calves bom are heifers there will 
always be bulls to be dispose of. 

Pure Friesian or Holstein 

and. there could be a decline in 
the numbers of cattle reared for 
beef from the dairy herd by cross 
breeding as at present 
- According to an estimate by 
Agra Europe, the Brussels based 
intelligence agnency, the total 
cattle herd In the EC will be 
down by about 3.5m head, or 15 
per cent, by 1969. But there is no 
danger of the EG running out of 
beer in the near future as there 
are still large stocks in interven- 
tion stores and there could well 
be a degree of importation fro m 
third countries. . 

It is worth speculating an how 
the supply of calves could be in- 
creased without increasing the 
community cattle herd and the 
danger ox adding to the beef 
mountain. This could be 
achieved by increasing the twin- 
ning capacity of the dairy cow. 
This was tried about 40 years 

“unthrifty” calves. T knew one 
vet who had spent some time 
going round farms on which the 
experiment had been tried termi- 
nating the pregnancies. There al- 
ways was a prejudice against 
twin calves because of the drain 
they imposed on their mothers, 
-bat there is no doubt that with 
modem nutritional knowledge 
that problem could be overcome. 
Modem techniques have also re- 
moved the necessity of natural 
conception. Transplantation of 
ova -is well developed now and 
could, no doubt, be adapted to 
mass production if the the incen- 
tives were right. 

An interesting sidelight on this 
situation has been a very recent 
increase in the export of store 
lambs to France. Apparently 
some of the calf-buying co-opera- 
tives axe looking for other stock 

to handle as the suj^>ly^of calves 

shrinks, which would be the best 
thing to sustain Britain's lamb 
trade should the sheep regime be 
altered in the way in which we 
fear-it will be. 

Palestine’s olive oil disaster 


P ALES TINIAN OLIVE growers in -more accentuated than anyone 
the Israeli-occupied West Bank can remember. After a poor crop 
face near Hiwwtpr this season, af- of only 20,000 tonnes in 1985, 
ter last year’s record production this time last year construction 
of 148,000 tonnes. Imports of ol- sites throughout Israel were be- 
ive oil will be required simply to ing temporarily abandoned as 
meet local consumption needs. Arab woritera hurried back to 
As the olive harvesting season their home villages to help out 
got underway this week in the with the harvesting of w hat 
region's' stony uplands, gloomy would dearly be a moiotff hap- 

preliminary forecasts suggested vest _ 

that production .of.- this staple According to Israels Central 
.crop .might, plunge as low as Bureau - of S tatis tics^ the -result- 
7,500 tonnes - half the level nor-, was a two tMrds uicrease in agri- 
mally labelled as "a bad year". cultural production. in the West 
typically frustrate Bank, and a nti* per cent rise in 

their owners with a two-year disposable personal income over 
'feast and famine' cycle. But the- two-year period, 1985 and 
over the past two years the' 1888. In 1888, expartsaf olive oil 
and trough nave been from the West Bank to Jordan - 

from where it is distributed to 
other Arab countries - readied 
USD 22&u. Pickled olives added 
another USD 2.3m. 

This week, the meagre fruits to 
appear on the trees tell a very 
different story: the output of ol- 
ives is averaging no moire than 
100 kilogrammes per hectare. 
With approximately 72,500m 
hectares planted with mature ol- 
ive “trees, the resultexan already 
be predicted with confidence. 

but .of. ffce;-f ojtecast ■ 7,500 
torines of ; olivets,— tome. 2,500 
tonnes are destined for c ann i n g 

and bottling. The balance will be 
verted ini 

converted into oil. producing 
about 1,250 tonnes. ' 

Cocoa producers study 
export quota system 

LEADING COCOA producers 
ended a meeting in Lagos cm Fri- 
day after considering a system of 
export quotas as part of mea- 
sures to support world prices. 

“Several measures Including 
export quotas were discussed”, 
Mr Dosseh Noameshie, president 
of the 11-member Cocoa Prodnc- 

■Wt lllimiflg *nl«< jmirn,UctB -at 

the end of the week-long inset- 


Lagoa, meeting was the 
sfbe-yeariy general assem- 
bly of members of the CPA usu- 
ally held to co-ordinate sales pol- 
icies tosopfxnt worid price* 

CPA members together ac- 

count for 85 per cent of world 
output. The major Asian grow- 
ers, Malaysia and Indonesia are 
not members. 

An official communique at the 
end of the meeting said 'the alli- 
ance considered some possible 
measures for the improvement of 
cocoa prices.' It did not detail 
the measures. 

Delegates- said, the conference 
resolved not to reveal its strategy 

before meeting consumers at tfre . 

International tJocoft-Coundl Otv 
gatiaktion flpCOy Conference -afet 
tobfgin ta London on December 

The ICCO brings together i 
sumeraand producers. 



COCOA E/tonne 

REUTERS (Basr. September 18 1931 - 100) 

Nov 6 Nov 5 month ago year ago 

Odd (Bne ounce) 

Grads «■ (pgr barrel FOB November) + or - 

Close Previous tOgh/Low 


16S8.1 18413 16713 16134 

SOW JONES (Base: September IS 7S31 - 100) 

Soot 12635 125.79 1Z729 12136 
Futures 129.02 12738 13339 121.07 


COPPER PRICES continued Friday’s 
strong advance during mommg trading 
on the London Metal Exchange, 
establishing a backwardation, or cash 
premium over the three-month forward 
price of more than £200 a tonne. The bull 
trend was further boosted by the seventh 
successive decline In stocks at the LME 
warehouses last week. They fell by 5,975 
tonnes to 62,250 tonnes - the lowest 
level since early In 1974. The fan. which 
was widely expected in the market, was 
not as steep as some traders had 
anticipated. However, prices fen sharply 
In theaftemoon following the further 
downturn in the stock markets. Trading 
featured aggressive profit-taking and 
more enthusiastic lending - that is, 
selling cash and buying forward. Cash 
copper was £10 down at the close, while 
the three-month price added £10, leaving 
the cash premium at £17290 a tonne. 

S price • 








Morning fbc 

463 Vt 


Afternoon *e 



Day's high 


Day's low 


Odd A PMtaaa Colna 

3 price 

E equivalent 

US Eagle 








1(2 Krug 



1/4 Krug 






1/10 Angel 



New Sov. 



Old Sow. 






Noble Plat 



Brent Bland 1736-17.60 -0376 

W.TJ. ft pm m 9) 1830-1835y -340 


Oi prefects (NWE prompt deteery per tome Cff 
December) + or - 

Premium GMOfew 181-183 -1 

GesOfl 160-161 -3 

Heavy Fuel 04 93-94 

Naphtha 156-157 -3 

Petroleum ArgB 

May 1148 

JTy 1168 

Sep 1187 

Ok 1211 

Mar 1235 








1099 1091 
1132 1124 
1153 1146 
0 0 
1192 iias 
1217 1210 
1241 1234 

Turnover 1838 (3494) lots ot 10 tonnes 
ICCO Indicator prices (SDR a par tome). Daly 
price for N u ram o e i 9: 142739 (1418.79) .10 dmf 
> for November 10: t44230 (144631) . 

Gold (per troy oz) 
Slrar (per troy os) 

Rsttnum (per tray oz) 
Ptfadum (per troy oz) 

$463.75 +335 

373.70p +1530 

$499.75 +1825 

$109.75 +1.7S 


Copper (US Producer) 
Lead (US Producer) 
Motel (tree maricei) 

Some analysts expect the premium to 
widen to around £250 a tonne before 
Investors are likely to release metal to 
the market in any significant quantity. 

Aluminium prices continued their dedine, 
with a smaller than expected fall In LME 
stocks last week helping the trend. TaBc 
in the market that the International 
Primary Aluminium Institute’s September 
stocks figure, due out today, could show 
a faB of between 60.000 to 80,000 
tonnes over August faBed to halt the 

Steer (One ounce) 

UK pence 


Spot 373.70 


3 months 38145 


£ months 38995 


12 months 40595 



Atamtakm (99-7%) 

Calls Pula 

Strike prices tome 

Oct Now Oct Nav 

Akmdnlnm (999%) 

Cs>s Puts 

Stnke price $ tome 

Jan Mar Jan Mar 





Capper (Grade A) 

Gate Puls 

SHte prioeS tonne 

Jan Mar Jan Mar 





Capper (Grade A) 

Cels Puts 

Strike price £ tonne 

Jan Mar Jan Mar 



Tin (Europ e an 
i (Kuala Lun 

Tin (Kuala Lumpur market} 
Tin (New York) 

Zinc (Euro. Prod- Price) 
Zinc (US Prime western) 

SI 895 

£39923 +2.50 

1739r +039 

32730C +130 

















154JJ 163-0 




1801 1875 




Hanover 577 (354) tots aflOQ tonnes. 

Persistant trade buying in gold and sflver 
kept both markets firm throughout the 
day before prices-eased towards the 
dose on commission selling end local 
locig-flquktatfan, reports Dnaxet Burnham 
Lambert Platinum was quiet but raWed 
on short-covering. Copper eased as the 
market underwent a profit-taking 
correction to last week's strength. Crude 
d was quiet, the API convention keeping 
some players away from the market but 
eased on commission house sefing. 
though trade buying underpinned prices. 
Cocoa ralBed on early arbitrage and 
speculative buying before light trade and 
local seeing eased prices. Trade and 
co mm i s sion house buying Armed prices 
towards the doee. Fund buying in sugar 
touched off stops as the market raBed, 
but price-fix selling emerged to ease 

COFFEE 37^00** ceren/toe 







12768 12640 




131 £& 13020 - 




13490 13600 




13625 134.15 

Sep - 



13000 13650 




0 0 




Q 0 


90VABEAN <NL 60300 bat eents/lb 

Ctoaa Previous Mgh/Low 

COPPBI 25900 fee: carte/fee 


Canto (Bra weight)! 
Pigs (■« weighttr 

993tp +222* 

199.15P +1734' 

762Sp +025* 

London daty sugar (raw) 

London <My sugar (teilto) 
rare oral Lyw upon pries 

$18530x +1.00 

$1 9430a -030 

£20930 +030 

Barloy (EngBah food) 
Maize (US No. 3 yadow) 
Wnoot (US Doric Northern) 


£8725 -0.76 







13190 13150 




131 JO 131.50 


131 90 

131.00 . 

13190 13190 




12050 12250 










prices before trade buying took prices 
i highs again. Cotton i 

back to the highs again Cotton dosed 
early in advance of yesterday's crop 
report (expectations for domestic 
acreage: 13.4-1 3.6m) easing on local and 
commission house aeffingbofors 

short-oovering emerged. There < 
Med raflylntfie soya camp* 

Turnover 96 (381) ktt af 100 tomes. 

Rubber (spot)* 
FUfeber {Dee)* 

S9.75p -025 

62.00p -030 

0230p -030 

SOQAII($ per tonne) 

Coconut pi (PNBpptoeuf 647530m -1230 

POm OB (MMeystet)i $36530 +1530 

Capra (Ph»ppinee)§ $31530 

Soyabeans (US) $138.00 +130 

Cotton *A* Index 75.10c 

Wooftopa (6de Super) 61 Sp 

£ • tame unieea otharatsa Mated, p-pance/kg. 
ocantsjfes. r-ringglUhg. v-Jan/Mar. 
ir PmrfTTr y flsr t fiii/Tan 1 TlnaT rnnirtiifrn 
average fatstoek. * change from a waek ago. 
f London phyateri marteL $ CIF Rotterdam 

QASOa. S/tonne 




(Prices supplied by Amalgamated Mate TVadng) 
AM Official Kart) doee Open miaraat 







180.75 16925 




161.60 169.75 




151.00 159.50 




160.00 157.75 




15590 154.00 




15000 15000 








16600 16440 




17760 17040 




17B00 17100 







17640 17380 




0 0 




0 0 








19790 194.70 




208.00 20020 




210.00 20600 



21290 20990 




21290 21020 







m eat-le d rafy In the soya complex on 
reports of East bfoo buying Interest, but, 
the beans faBed to make significan t 
headway reflectin g overlying US 
Government o f f ering s . Maize was Arm, 
influenced by the raSy In soyamaaL 
Wheat had an easier tone on 
confirmation of US Govemm or tt^sales 
out of Inventory, but traders noted that 
the market was near tha low end of a 
trading range and forward contracts 
revested some strength. -The meats were 
mixed, higher to tha nearby contracts 
and lower In the forwards. Spread 
activity In otherwise quiet markets was 

the only feature, despite firmer cash 

New York 

. Ctoae 






9890 9820 




9640 9600 




9390 9650 




9090 87-40 







8395 . 

8390 8290 




8290 6090 




9190 7920 




O O 




8190 8190 

PLATMUM GO troy oc 6/troy az. 







5059 4939 




0 0 




5099 4960 




5169 5059 




5249 5165 




5339 5259 




O 0 

MLVBt 5900 Voy <xccei4a/aroy ae. 







0 0 












6859 6660 




8919 8739 




7029 6849 




7009 8979 








0 0 

SUDAN WORLD 11“ 112900 toa; cents/toa 







729 790 




794 799 




792 794. 







602 7.76 



90S - 

0 0 




898 894 

aOVABCAM BEAL 100 tons; (/tan 

Oosa Previous HlgyLow 




1868 1859 








1779 174.1 




1749 1719 




1719 1867 




171.7 1889 




1809 1689 




1869 1679 





WHEAT 5900 to oka oanta/aOMinhat 




Mw 29*j4 2se/2 save 

J * y 285/9 264/4 

Sip 290/0 288/0 

Osc 29Q/0 290/0 0.0 

May 299/0 290/0 - 301/4 267/0 

287/0 283/0 

LWEHOae 30300 teoawtSjSba 

OotaPrevtoua Hgh/Low 




4678 4610 ~ 




4296 4220 . 




3990 3996 




4297 4297 




4395 4675 




4195 4197 




3920 39.10 




3996 3996 

5300 bu min: 

Oosa Previous MgtyLow 

Tumcrar: Raw 2254 (1298) lots of 50 Drews. 
White 1855 (1572). 

parte- WMta (Ft* par tonnaEDsc 110ft Mr 114ft 
May 1175. Aug 1211, Oct 121ftOac 1220. 

COTTON 50300: cante/to* 

Aluminium, 93.7% purity (S par tome) 

Ring hmow 1.000 toons 

Tianurar 5030 (3744) lots d 100 Donas 


Cash 1675-85 
3 months 1825-35 






FNEKWr FUTURES £/bxtex point 

Oosa Previous High/Low 

unquoted 2^486 loti 

does Previous Httfi/Low 

Aluminium, 39 -5^« purity (£ per tonne) 

Ring tumorar 17225 tonne 




123&.0 1229-0 

Cash 93S-4Q 

Smooths 900-01 







891-8 62900 fata 







1125,0 11199 

Coppm, Orada A (£ par tonne) 

Ring tumorar 43900 tonne 

Cash 1330-5 




1146-1 86377 tots 

Turnover 170 (90) 

3 months I159-«i 




DRAINS C/tonne 

Coppm, Standard (£ par tonne) 

Ring turnover 0 tome 





Cash 1275-80 

3 months 1159*81 





39 tots 







10990 10990 
11290 11190 

Stem (US cenn/Dna ounce) 

Rtog panerar BftOOO azs 






11490 11390 
11625 116.15 

Cash 653-6 

3 months 856-8 





0693 585 tots 







116.60 11650 
103.00 103.00 

Lead (£ per tonne) 

Ring txnover 6.725 tome 



10496 104.60 

Cash 350-2 

3 months 339-540 











337-8 12,438 tots 








10495 104.45 
108.90 106.75 
109.16 10600 

Ntotei (£ per tomw) 

Ring tumorar 2,106 tonne 


Cash 31 75-® 

3 months 3155-80 






31B8-75 8J»6 W* 










11090 110.70 


10190 9990 

Cash 483-4 

3 months 464-5 




462- 65 

463- 39 

458-60 14.743 tote 

Turnover: Wheat 164 (119) . Barley 52 (162) . 
tola d 100 toraves. 

Nov 1253 1246 1249 1296 
Jan 1285 127S - 1289 1298 
Mar 1309 1308 1310 1296 
May . 1335 1330 1334 1321 
JH. 1353 1345 13561345 
Sfo 1380 1375 1370 1370 
Nov 1400 1885 0 0 

COLD 100 tray ozj ftfiroy oz. 







— Mar 





8790 8890 

66.78 6797 








0996 0648 







69.40 6650 




4729 488.0 




8670 65.06 






8496 0396 









4779 4749 
4829 4609 

4869 4889 









CRUDE OB. (Usfab 429» US gtate S/benei 

• • 



fSgh flJm 


180/0 180/2 
186/2 164/8 

190/2 188/4 

194/0 193/6 

192/4 192/4 

192/4 192/4 

197/4 197/0 

196/2 1 
181 /0 1 09/8 
196/0 193/8 
193/8 192/2 
196/0 197/0 




1792 1798 




18901795 . 




1893 1890 





1890 1828 








1682 1895 













1995 1690 

£ . ■ 


** Markets 

%er t 

QRANQE JUICE 15,000 fes; esnts/tis 

Tumorar 1877 (3461) tots of 5 tomes 

K» IndfcsW pricra (US cams .pm^rexh 

Close Previous tfigh/Un* 



November 8 rCorip. daiy 1154)9(11: 
1 112.18 (112JX* 




There were 25033 packages an offer fa Ms 

week's London ms auction Including ft200 
packages in tha onshore saCtton. reports tha Taa 
BnAfftt' AMOOmfan. Qualty Assam* continued to 
meat far companion Ihcugh prices were irraguter, 
but plainer sorts were sWratfw weak. Best 
fouorwj east Africans again cam in ter good 

demand »d often gefaad 6-1 5p wtile cotaury 
mnteims need arm to dssrer. G fa o cted Central 
AMcens field tan hut the remainder tended 
easier. Ceytone were wefi supported end Improved 
types advanced, brighter offshore teas moved 
10-iSp higher but others were generefly 3-5p 
down. Quouumb: quality i67p a kg (I75pk 
medium I04p (HBpj. kw» medkan K2p (34p). 




38500 18500 
158.75 15510 
154.40 16300 
15400 18300 
15409 16369 
15105 1510S 
15090 15000 
15000 15050 

166.00 16400 
15500 1S3O0 
1B4J0 15300 
15400 153L65 
0 0 

0 0 

0 0 





















1085 1848 
1800 1845 
1058 1843 
1082 1838 
1840 1035 
1035 1035 
1033 1030 
1030 1028 
1028 1028 

PORK BEUJE8860N) fee; eantatfb " - ” " 







55.7754.80 - 


- 9592 


0690 0497 




5670 6590 





aOTAWAWBjOOOOuwfa; centa^Bb W 




>- - 

fee»i X- 






547/0 544/0 

S65/4 561/4 - 

\ _ f. , 




■ &V2 





HEAIWO OO 42.000 US gab. C6M8/US gdto 



593/2 590/9 
560/0 588/0 
553/0 551/0 
561/2 546/4 
557/0 355/0 

556/2 Sfff/0 
883/2 560/0 
«4/or — 
0 0 

COCOA 10 tonnasS/lonfiea 






1821 ■ 

1835 1819 . 




1868 1681 .. 




1897 1884 




1929 1918 



19*8 • 

1955 1948 




1990 1990 




2028 2025 







6605 5490 




5490 54.15 




5495 5390 




82.10 51 JO 



80205095 - 








4990 4890 


4995 • 

4895 4675 




8090 5090 



50.10 . 

5675 50.78 

UVECATTLE 4ftQ0Q os; ceme^bfr 

Ctosa Previous High/Low 




8390 6612 

4:" ’ -• 





K - 




8695 8605 




8390 6600 




. 82L40 812S . 





81.10 8020 




81 JS 8190 

_ V 



! V.:> 

Times Tuesday November 10 1987 






Dollar hits record lows 


• ■: . >; 


THE DOLLAR continued along 
its. downward path yesterday. 
There were no new factors, just 
the _ strong conviction that the 
DS budget and trade deficits -will 
remain a problem and that the 
Reagan Administration prefers 
to let the dollar fall, rather than 
provoke a recession. 

Central bankers field a regular 
meeting of the Bank for' Interna- 
tional Settlements in Basle,' and , 
dealers were wary of any official 
comments about the dollar's 

No major decisions were ex- 
pected however, only the putting 
together of a framework for a 
meeting of Group of Seven fi- 
nance ministers from the leading 
industrial nations. 

The weak dollar reflects fears 
that the White House and Con- 
gress will only agree Budget cuts 
of S23bn, under the Gramm Bud- 
man bill, and not the figure of 
around S40bn needed to reassure 
the market. 

Thursday’s US trade figures 
for September are also not ex- 
pected to provide a better back- 
ground for the dollar- The deficit 
is forecast to remain high, at 
around S14bn to $15bn, com- 
pared with Sl6.68bn in August 

The doll a r fell to a record dos- 
ing low of DM1.6690 from 
DM1.6750; to a record Y134.20 
from Y136.35: to FFY5-63 from 

compared with 7S.6 six 
months ago. 

Sterling rose against the weak- 
ening doUar amd eased a little In 
terms of other major currencies, 
but was generally on the side- 
lines Attention remained fo- 
cused on the dollar. 

There was virtaully no reac- 
tion to October UK producer 
prices. Output prices rose more 
than expected, at 0f> p.o, but 
input prices fell by a largo- than 
forecast 0.4 p.c. 

Sterling rose 1,20 cents to 
$1.7945-1.7965, the highest clos- 
ing level since June 1982. On .the 
other hand the pound fell to 
DM2.9775 from DM2.9875; to 
FFr10. 1050 from FTrlO.1550; to 
SFr2.4475 from SFr2.462fr, and to 
Y240J5 from Y241.25. 

D-MABK-Tradimg range 
against the dollar in 1987 is 
1.9305 to 1.6590. October 
average 1.8011. Exchange 
rate index 15L5 against 147.0 
six months ago. 

The Bundesbank did not inter- 
vene when the dollar was fixed 
at a record low of DM1.6719 in 
Frankfurt, compared with 
DM! £785 on Friday. 

Bank of France intervention to 
support the franc against the D- 
Mark in the European Monetary 

was Illustrated by a fall 
FFY9.02bn to FFrlG2.46bn in 
September French foreign cur- 
rency reserves. 

In Brussels the Belgian Nation- 
al Bank was estimated to have 
«>ld DM35m to DM60m when the 
Sejgian franc was fixed lower at 
BFr20.9360 to the D-Mark, 
against BFY2053 on Friday. 

nuige against the dollar in 
1987 is 159-45 to IUJS0. Octo- 
ber average 14SJ27. Exchange 
rate Index 228J> against 22&8 
six months ago. 

The yen was a little firmer 
against the dollar in Tokyo. In- 
tervention by the Bank of Japan 
prevented the US currency fall- 
ing towards its record trading 
low of Y134.40. This was esti- 
mated at a relatively modest 
*200m to S300m. 

Dealers were reluctant to push 
the dollar down too far, ahead of 
tiie centra] bankers meeting In 
Basle. The US budget deficit con- 
tinued to depress the currency, 
and the market was nervous 
ahead of Thursday's US trade 

_ The dollar closed at Y135.00 in 
Tokyo, compared with Y135.60 
on Friday. 


- FFr5.6950; and to SFrl.3635 

- from SFrl.3810. 

STERLING- Trading range " 












GlCH— El 


Barit % 

1.7950 to 1.4710. October W»/«* — 

. average 1.6620. Exchange 

rate index fell 0.1 to 75.6, [mtiifiw 





































tiueers-'*-' 1 

»lii svsi 

OUW hr fkMcM Tbo. 





Ml 1 




a m — — 


754 .. 




754 - 



■ 753 ,- 

_ -754 ■ 


7 M 




7 X 4 ■ 



pro . 

7 X 6 • 



pra - — ■■ 

753 - 



'- 753 - 

• 757 • 

11 . 49 -LL 53 * 






I 2.WV2-WJ* 















bw s wnx WLoacwi32 










-r~ wa— 

(HA * 



-CSSMnta tar Hart 108307 




0.77541S £Uk 






| 'I MMW 








Low tom Eymtaiwr Pw gg 

am; wi v r ra raaei altar USOaKaraaad * p — n wcn 

Baa do/ Mdi 







1 232.7523075 
1ZL45- _ 
1422JB-1 43505 

I 4C7JM.4675 
■ 23440-23540 


I L 4590-1. 4600 
I 43090-4 A110 

I 796J0-8 82JU 
k 3485-34.95 . 
I US925-US950 








8 ft. 




































S Ft 


















































YreperlJlOft'Fraaefc ft. pw 10: Lira per L®fc Btaftaa ft. RtrUO 


Sterling contracts strong 

INTEREST RATE futures had 
another strong day on the Lon- 
don International Financial Fu- 
tures Exchange yesterday, to the 
face of further losses in the equi- 
ty market 

Long-term gilt futures and 
three-month sterling deposit fu- 
tures rose sharply In expectation 
or another cut in UK clearing 
bank base-rates. 

December long-term gilts 
opened over SI higher at 124-14, 
and after easing back after US 
Treasury bond cash and futures 
markets opened lower in New 
York and Chicago, finished on a 
strong note at the 
125-08, compared with li 

Buyers of short sterling futures 
were not dismayed by the Bank 
of England's resistance to a cut 
in UK bank base rates. Traders 
regard a cut to 8ft p.c. as immi- 
nent and are looking for another 
ft point reduction before the end 
of the year. 

December three-month sterling 
deposits opened at 91,65, and at 
so closed at the day's high of 
91.67, against the previous settle- 
ment of 9L28. 

Prospects for inflation were 
not made any dearer by news on 
UK producer prices, and there 
was little reaction in the market. 

general level of City 
but input prices fell by a greater 


than expected 0.4p.c, 

December FTSElOQ index. fu- 
tures opened lower at 156.50, af- 
ter the cash index indicated falls 
of 2 p.c. in share prices, The cash 
index began 32.3 down at 1588& 
December FTSE Tell to a low of 
155.00, but finished towards the 
best level or the day at 157.40, 
against 159.00 on Friday. 

US Treasury bond futures 
were stronger on the day, but 
suffered a set back after US cred- 
it markets opened weaker, and 

closed at 89-11, after 89-23 at the 

October output prices jumped Liffe opening, and compared 
0.5 p.c., which was above the with 88.26 previously. 

St/fl* C—hm Pata-La* 

Price Dec Itar Dec Itar 

116 906 957 030 037 

118 737 739 051 039 

120 Sl22 627 056 UZ7 

122 IS SJB on US 

124 254 339 032 249 

126 053 261 1*7 361 

121 028 UJ in uo 

130 014 L34 462 634 

Earned rafter* toot Mb 3329 Hu 2500 
ftcrioaKtaftaptalZ Ca&<3445 Pub 33065 

uffe us treasury mnd RmHES ornoMS 
strike r rib-low Fua-UH 

M> Dk Mar Dec Uar 
053 in 
(LID 136 
023 2JB 
0-S 3J2 

12 41B 

332 5J5 

438 663 

652 636 

, Cats 80 Pats 37 

Piprim deft wit be Crib 2949 Pm 2062 

82 725 

84 532 

86 3.45 

88 210 

90 110 

92 034 

94 006 

96 OJO 






um FT-saiao index mtwES oman 
Strike Cato-Un Pias-Let 

Price Hw Dee Not Dee 

18000 0.44 290 2354 2530 

18 ZSO . 031 249 25.41 2739 

18500 021 213 2781 2933 

18750 035 181 3025 31.91 

19000 030 134 3270 34.14 

19250 0.07 130 3517 3640 

375 « 3670 

19750 083 0.93 4033 4153 

Eataond wtaac Mat Crib 5 Pks 5 
Prrrioa day's opea to: Crib 79 Pets 177 

uffc n orrioas 

426800 (czats per Cl] 







L 60 


L 70 



28.95 2895 - 2695 ODD 

23.95 23.95 23.95 23.95 050 

1695 1695 18.95 1695 050 

1695 1295 1295 1422 050 

695 956 961 1028 050 

452 532 604 699 032 

670 SS 1 » 264 612 

■done total Crib 24 Pats 40 
dvHepeato: Crib 341 PMtUH 

Dec Jm Mr 

0.00 - 604 

050 aoa 034 

051 030 640 

058 038 0.96 

641 159 202 

245 232 273 

738 617 938 

Jtae Dec — — 

130 aiw ra 60 -I 2160 030 

135 Zite 2160 - 2340 630 

140 11140 8.60 1840 1 B 40 OJO 

145 1215 1340 1340 1450 030 

LTD 620 660 620 9.70 030 

275 280 430 270 675 060 

ErilMed eatont total Cafc 890 Pab 174 
fte53W*«P» lat Cans N/A PatslUA 

030 . 030 

OJt . OJO 

030 OJO OJO 

050 0.75 1.40 

695 245 240 

255 255 420 

pmADUPWA sc us mas 
Q45M (ratal far Cl) 


.Na» Dec Jaa 













7 JS 







Dec Jaa 






Mar Jw 



Pati 6 eri 

Mw Jua 



ro Jt> 












60 S 



















25 L 



L 80 








25 S 

25 S 














3 J 0 










X 40 




























Piwtaatdtafi ta«a bfcCafls 

ao-tsAM 1 BE MWHCWT 


trial CrikSKPub 50 

taeUfeZQS Ms 2X71 





RS Low 

- - 12 M 8 1260 B 12204 
125-00 125-00 124-82 12231 

_ 3313908X0 
PiariCHi^S apes taL 28775 (Z78S1> 

SB SRBBnssmSNKSvC— *; 

Ctoe fttol lea Pie*. 
10035 10830 107.96 107.75 
10732 10730 10772 10735 


epee taL 554 ( 449 ) 

ih r - T- 1 







BS -07 


6 m 













B 6-16 


















1 1 1 



8 X 24 




ewe man Lev 

Dae 67443 0 . 74*7 67427 67409 

Ha 67500 67504 0.7486 67466 

67555 67555 67550 67525 





OS ffiS 05 1 Pm. 

04015 04017 65999 03989 
04056 04065 04047 04(08 


66101 66089 

Slat patabaf 188 % 



lot 188% 


'■ ' Ocse HMk Loa Prc. 

Dec 9267 9147 9290 9228 

Hr 92.70 9270 9254 9235 

Job . 9134 4254 9145 9224 

Sc p 9237 9227 4130 9200 

Dee 9222 913 ? 9 LOO 9690 

I Vetaria U 77 S 7 tt 8 (l 5 l 


Ctae km Lew 
9*05 9*S 9*00 

9676 9340 9321 

9335 9337 9334 

9206 9206 

92.78 92 . 7 B 










I l1 

E r’iX 

E ' i ; 1 

■ /> • j 

r 1 -A 


E • ^ VE 

E ■ * '<1 

E ,• 


[ . a. > G 

E 1 * 1 

1 1 ■ ■ 

[j J 

[ r 1 

E t. ^ 

E.‘X . 1 

6.T -J 


i^S usS 

16290 : - 

a uioo 

- Sun 

Qose Hl» tew Ma. 
67314 6733 67921 67294 
67377 67385 67357 67361 
67435 67450 67425 67429 
67523 0352 S 67525 67504 

Htaa Loa Pne. 

24640 24675 2030 24930 

25615 .24630 .25650 

29650 ' 25280 29900 25230 
.23270 25230 255 J 0 

tii uta ir vfiii ii ahxawn 
ftntrib soft sawiaL mod 





92.40 9245 9234 

9202 9205 9298 

9216 9268 9161 

9242 9 LA 2 9242 




CWe Htafc Law 
89-11 9 WU 89-04 



631600806 ) 

Piarioes dwTs e»ea taL 9644 O 0 UD 


uSo irew 

27893 27845 27790 

Cta»- HMr lata fttte 
27840 27B0 21800 27805 
27780 27820 2 7760 27760 
27750 27758 27700 27705 


. 0 ( 8 ) 

PicriOH wew taL 170 OOSS 

- 27825 

- 17775 

- .27725 


Lower UK rates 


(2200 ml Noe 9 ) 3 1 

Mri Tii 

oHtr 7% 

other cut in UK bank base rates 
yesterday, but was again resisted 
by the Bank of England. 

. Three- month interbank fell to 

p.c. from 8%-8% p.c^ 
and the market was generally re- 
luctant to sell bills to the author- 
ities at the existing intervention 
rate of 8 * p.c. ' 

UK dfearing bank baae 
lending rate 9 per cent 
from November 6 

From the start of trading .it 
was dear the Bank of England 
expected pressure far a rate cut 
and intended to resist. In spite of 
forecasting a very large money 
market shortage the authorities 
did not offer an early round of 
assistance, realizing that bills' 
would not be offered at accept- 
able rates. , , , „ 

The Bank of England Initially 

£l,150m in the afternoon. Total 
help of 5833m was provided.- 

Before lunch the authorities 
bought bills totalling 535m, In- 
cluding 516m outright in band I 
at m p.c. Another 520m were 
purchased for resale to the mar- 
ket in equal amounts an Novem- 
ber 30 and December 7 at a rate 
of 8^ px. . . 

In the afternoon the Bank of 
England purchased another 
£4&3m bills, including 5277m 
outright, through 518om bank 
bills m band 1 at 8% p c. and 

S91m bank bQls ln-band 2 at 8% 
P.c- . 

A further SI 76m bills were 
bought for resale to the market 
in equal amounts on November 
30 and December 7 at 8*5*4 p.c. 

- Late assistance of around 
5345m was also provided. 

Bills maturing in official 
hands, rep ay ment of late assis- 
tance, and a take-up of Treasury 
bills drained SJ 468 m, with Ex- 
chequer transactions, absorbing 
5166m, and bank balances below 
target 5250m. These outweighed 
a fall in the note circulation ad- 
ding 5380m to liquidity . 

In Frankfort call money was 
steady at 3,60 p.c. The money 
market awaits an announcement 
from the- West German Bundes- 
bank on a securities repurchase 
agreement tender. 

At the time of lasT week's re- 
duction in the central bank's 
Lombard emergency financing, 
rate to 4£ p.c.. from 5 pe. . . 

Earlier agreements totalling. 
DM13L8bn expire this week, and 
the main, question, ixi 'dealer's 
minds yesterday was whether 
the full amount would be re- 
placed. ■ - 

The Bundesbank decided not 
to replace any of the DMTjJhn 
flowing- out of the market last 
week, when a securities: repu- 
chase pact expired- The authori-- 
tiea explained that this was be- 
cause some DMSbn of liquidity - 
had been added through foreign 
exchange intervention, selling 
the D-Mark against the dollar. 

TWM* nan mt flw Mtarib nHa* ntoMW tte iwri ear^Memk al tkt kUaad rtM «a fce 
Sion mm t» tte awket H Am icmoca btota 4t 1200UL h 6 (Mean aw IW DMki « Mad 
WesiaK? fia, Bwfe ri M* OariMte tari, Bmw* MM de P»taa7ltewa tari« Tam. 




CB g— . 


Trowwy BIH* aad Boaris 

1 mto * — *46 Ttowr. 

■"»»- tariw- 

eanaarii — . ....... . . 585 rkiia— 

itoadi - M6 SenarrikL. 

6.75 o»»jt»r— — 686 10 ymr — 

669 - - Trim -. 


675 TImi 
775 Sta 




7A1. 36yw 












4 J 0 











rm "T" Ya5f 










Mart . 


7 riW 








teratarii Offer 

totootonu . . 

- 1325 
















IflcriArikarN) Dec-— 






Loral AritatoBa^- 
Dhcnaft Mia Peg. — 

Treaan BOKBay} — 


U 2 S 



8625 • 
9 X 125 
6 . 70-663 

8437 S 

9 . 4375 _ 




73 X 725 

950 . 



73 S- 7 J 0 



***“ l -*Tif irranhr 
ECU (Jrtari CNpacW _L) 





7 ^ 


7 J 2 S 


7 J 125 

15MNfctWB:ariMBw8>A3W«^ ^«w»^ a!?8«iCjte8j8jl^riP8^ a aaiag 

Me nanoi — ser enu ow-ttaw nanta — pa * am He ee -ri e raatk — w eeau Jb-rioe wile- per 

ctri; rtni ijunt tr m lt n per coo; Itari £ 100.000 — parccx (ran 0CTOBEJn5 , Oe ewrita mbkkmn 

tar can — per UHL 


Operate as effectively in a tafling market asm a ming one 

Make die most of market shocks 


Optional limited liability on futures 


Gommhsions related to your success 

Currencies. Stock Indices. Bonds.Gilu, Precious Metals, 
Stock Market Traded Opuons. Oii, Cemmoditm. 


(An Associate Company of iacfcmt Son 8 Co (London) lidrri 1860) 
ZBBabuphOaai KnWOabririaa SWtXTHA TtophonOlZSSOSS 

■ hPW CUlkKwtaJ iN^i] rtf>-| r.^4«r< | a'-iri]i sk 

QMUPlt Wtlo M M* 

Please forward your free booklet on futures and traded opuons and keep me 
updated with market news by telephone or pose 

NAME (m full) — 





TEL: (Office). 




Financial Times proposes to 

publish a Survey on the above on 


For a fUll editorial synopsis and details 
of available advertisement positions, 
please contact: 

Brett Trafford 
on 01-248 5116 

or write to him at: 

Bracken House, 10 Cannon Street, 
London, EC4P 4BY 
Telex: 8954871 




Tel: 01-828 7233^699 

Reuters Code: IGIN, 




FT 30 

1214/1229 >34 
1218-2233 >30 



FTSE 100 
1546/1560 -48 
1550/1565 -43 


Now. 1890/1910 >55 
Dec. 1895/1915 -55 

. Deeding Jnues from 9am to 9pm. Prices taken at 5pm. 

£world value of the pound 


te pa— I aptaal wrfaa rarranrtae aa Hawfcir 
toaertlMnriia leeraeriaiW axitetwiwt— 

.9 1967 . la ! 

■taBw ariMta; (F) frae rate: (P) band aa DS I 
rate; (ck) cin t l th irite; (W flwcM eata 
rtoe; (sa) ceffiaf rale; f 

■a aoa the rate b nenrimf Market rates are the 
fram than of toeeisa camaeles to which thqr era 

■ rata; fT) taorbt rate; CBm) bade ra ^^bgj 

I rate; (ean) nonsnal; (a) i 




tMa b (te mriw HsrieUBoatralMLjMM aw of 

am. (l OHtee (re a w*), (mmertyaa - 

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Papas Mew Gotaea 

. 0*7030 


































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United State* 









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New SbHUng 10 
US Doflar 
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74 JS 





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21 9 a DO 
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UM 29007 


















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Wcricro 5amna 

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(AJ 17 J 0 






affidri rate. (UEnantiri gooft. BWlIRlM 
(URrae rate lor ban meortJ,m 
— jta. 05}MperbiAacii(» price nr 

CanMtaa tar HewoRw 2 J*m 2»^5 

price lor dollar 

rate far plerty bqmni tacb w (aadjajh._{4>Pra)im£tal me for Pitalic Sector Debt ad Earenttal lasam. 
** al mtmr Wtniwd iordga traaeL (71ParaUri me. (9 Ruetatoe 

N/AOUBoMaNcw catnoof baraduad iBaHeteeirintb la PemMu 14987. U7)A>vaUn (no tier 

Trade Indemnity export credit insurance. 01 739 9939. 



Jointly compiled by the FJnaneiaJ Times, Goldman, Sachs. & Co, and Wood Mackenzie & Co. 
LfaL, in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


Figure* In parentheses 
show number of stocks 
per grouping 



US Day's Pound 

Dollar Change Sterling 

index % Index 

( rn l 



f ffl l 



Europe (947) 

Pacific Basin (680) 

Euro- Pacific 0627) 
North America (709) 
Europe Ex. UK (615) _ 
Pacific Ex. Japan (222) 
World Ex. US (1829) 
World Ex. UK (20791 
World Ex. So. Al. (2350) 
World Ex. Japan (19531 . 

The World Index (2411) _ 



10239 ( 139.73 

Base mines: the 3L 198b ■ 100 

CqpyriFU. Tte FhmM Tim* Gottnsa SufB « Co, Wood IMu* A Co. LMJ9B7 
New Yortt noriet rimed al 1&00 tot local time. 

Uteri prices were euMaiUtaie tor Ufa edUon. 

CONSTITUENT CHANGES: PHetloenUilenr (FnaceUflB Smri (IHO.CkMk FMm (Cnde) and PMknma Avtritos (US). Name 

CtaOQE Meet U— w » LVWH tfttUL 


♦ail am 
-Ml an 

S Sf Kte 

177 IfertMw wfctefcJ 

S3 S3 



Per- 1 


-15 U 
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:S 23 

-2J 02 

«ai u 
*ao u 

♦00 M 
-as it 

' I jJiqi 

A-Asfc B-BM C-CaS P-Put 



Private Client Specialist 
Law Commission Charges 
No Management Fees 

Bar farther dcnril»ple«*ce»J] Richard Swot or Stephen Cool on (B 3776066. 
Or write »S»eiufc> AConweny LM. MDeieiuhini How, LcndeaEOMeRH. 


V 1 



Call Specialist 
Computef Centres on 




Manchester 061-236 4737 Glasgow 041-221 8202 Liverpool 051-236 3489 
Leeds 0532 444337 Nottingham 0602 470576 Southampton 0703 334711 
O Copyngrii 1987 Compaq Computer Corporation all ngtRs manual 

aS s iBi l 


2G Discontinued transport sys- 
tem approved by engineer 

27 Report is about overdue (6) 

28 Tried one that could be ad- 
justed (8) 


1 Import materia! (6) 

2 European won in gear- 

change (8) . 

3 Nightcap perhaps could 
shield one from it (8.7) 

second river in Germany (7) 

spring accepting credit (6) 
Hunt for waterfowl - wings 

aaaaHQ aaaatin 
nan a a a 
amHiaagg amaaama 
a m a □ h a a 
asaararaanran inaa 
n a a an 
annas sanmaaaa 
a a □ □ a 
nniHHnaaa nnaaa 
.an n ci 0 
i JLitiu .aanaacaaaau 
m a a a s n a 
[anaanaa mnaaaaa 
a a a ana 
ananaa aannoa 



High Low Componr Pri cm 

206 133 Aax. Brit. Ind. Ordinary - 200 

206 145 ASS.BHL Ind. CULS 200 

41 32 ArmhafieARfwde* . 32 

142 55 BBS Design Group (USM) 55a 

188 108 Barton Group 163 

186 95 Bray TadmoloBlo 163a 

281 130 CCL Group Ordinary 266 

147 99 CCL Croup 11% Cam. Pref. ~ 135 

172 136 Carborundum Ordinary 
104 91 Carborundum 7.5% Pref. . 

180 87 George Blair — — — 

143 219 (sit Crow — — . 

Graft viJle & Company Limited Granville 

8 Low Lane, London EC3RSDP 27 Lovot I 

. Telephone Ol-dZl 1212 FH 

:. Member of HMBRA kS Mrml 

_ 157*1 

— 104 

— 156*1 

— 94 

102 59 Jackson Group — 98 

780 320 Multihouse NV (AmttSEJ - 320 

70 35 Record Holdings (SE) 70 

114 83 Record HldflS.10pcPf.fSE) 114 

91 60 Robert Jeokfn* - - — .60 

124 42 Scruttoitt — 124ms 

224 141 TonUy A Carlisle — 211 

58 32 Trevlan Holdings 58ic 

131 65 Unllock Holdings (SE) . 65a> 

264 115 Walter Alexander (SE) — ITSxi 

201 190 W. S. Yeaies — 200 

175 96 West Yorks. Ind. Hosp. (USM) 140 

Securities dtelgnated (SE) and (USM) are dealt In 
regulations of The Stock Exchange. Other securities 
subject to the rul» of FI M BRA. 

Cross Yield 

Charge dfv.lp) % P/E 

— 8.9 4JI 7 S 

— MO SO — 

— 4.2 134 43 

+5 20. 3-7 BO 

—2 2.7 27.9 

-2 4.7 2.9 130 

—2 113 43 63 

— 15J 113 — 

-2 5.4 3A 13.7 

— 10.7 103 — 

-2 3.7 2-4 43 

—2 — ~ — ■ 

— 3.4 3S 108 

— — — 32.7 

— (U — M-l 

— . 140. 104 — 

— _ — ■ 23 

— 55 4.4 4.9 

— 63 30. 302 

+2 M 13 53, 

_ 23 40 124 

-5 5.9 SA 130 

— 17.4 8.7 200 ‘ 

— S3 3.9 14.9 

subject to the rules and 
listed abuse are dealt m 

Granville Davies Cotanon Limited 
27 Lovat Lone. London EC3R 8DT 

Telephone 01^21 1212 
Member of the Stock Exchange 


-0.9 015 

=& as 


-H An 
-32 uk 
-LT U7 
-ze oca 


-02 OSS 

CO. Itea Tn att UdM 


-03 050 

♦Oil iss 

-03 vn 

*02 JM 
-M M7 
-0J. 556 
-23 ua 


AMERICANS— Continued 

r r.iiU 
fchrl l B=l 



lLTSq — LI 


Mg* Lem 
ltt) 00 
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396 203 

154 120 

430 25® 
192 48 

243 92* 

6*3 32 
1020 470 

155 SO 
305 116 

a© an 

414 228 
400 170 
1S3 82 

210 1 12 
77*5 40 
141 SB 
314 199 
676 380 
•620 303 
293 120 
406 US 
413 320 
195 1121, 
368 188 
341 188 
47B 268 
270 38 

543 305 
02/. 7*3 
246 158 
165 a 
■158 83 

820 370 
2U 63 
575 3391 
167 67 

2B3 10B 

■575 360 
£118 OOU 
153 54 

205 96* 

296*i 173 
•360 21B 
313 180 
250 134 
40B 67 

138 87 

416 233*; 

348 193 
■*93 192 
548 267 
406 197 
4Z3 235 
233 86 

145 103 
413 205 

71 30 

BIS 275 

206 99 

227 77 

177 6B 
367 204 

309 156 
•313 133 
200 131 
444 242 

288 163 

ROADS— Cont 

Sttefc I Prta M w Ip 


I Stack 
IjHewrtaoa 10p— 




Oh I YW 
M lev CrVlRTC 
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R3i» 34 42 96 
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1673 29 4JD 1L5 
ML9a 43 28 10-9 
D3J13.9 Xb 8.9 

220 no rassttmsp — 

267 142 mbef&MMiSp. 

201 97 ItaRskSo 

252 83 Dae Prods. lOp — 

STORES — Cont. 

Ha M St IpJKIm 

120 J-S | IfeLTSj 40 1 20 Il7fl 

ENGI NEERI N G— Continued 

193 86 (tip Top Bp.™ 
135 66 jTepVafcelrt 

flnraUoKoCpB — J 32 -- - 

larrhti.) — **• "l* 5 *GP; 

dJorhjsttSO^J « 


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Do8JpcCraftPI£l- 115 ®j' 

UBe»(FJ.CJ 40 ^ ■ 

tUniCMeuk.^ MO 5. 

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II wil US -2 6. 

iMaaden tHMg) MJ tM, 

Mariw 122 -3 14. 

MmMHSHibta.— 270 +2 tx2 
UtataentWi iZb- 2» -6 5, 

8 iMf im 328 -7 7, 

HlUer (Stall Uk>-J J9m -7% U 
UowtanCIl — — 335 -5 116 

WntaUHOa 985 ..... 12. 

Inwan-Torto— UO -5 17, 

PersnremnlOp 99 1-5 1HJ 

PtaenU Tiafaer.— P 1-10 1 

ppdri nt— — 790 ..... u> 

KSP5 $ 

Raine 1*6. lOp *7 -9 1, 

fRxma mi - 385 ..... & 

BaLM. 373 -2 13. 

bfladbpalTtoc- £187 .... 07V 

towtowlOp 110 0.7 

feberokl UB -4 W3 

R^SyGraw 215 17. 

faShAT«wUas 225 +5 lOj 

125 wad L7 21 359 

■? <miz j tom 

.. d4.7726 SO 106 
■7fl QH%j * 20 6 
■2 Wifl 52 M 7.7 
6879 12 3.9 104 
■6 t*|z6 67 7.9 

264 120 >rimattlOp^. 

•IS UWtawi(EJ 

228 95 WWir(Pra*15p_ 

102 114 MrotHIdK. 

437 257 Mtailtinne 

161 *3 99 I DoCnftrtPrflflO 
275 73 fW»«UU.WJ 

In 20 70 8.7 
1*40 3-6 20 143 
114330 5 1 93 
tllD 73 13 ISO 
17311 4.9 111 
bM 15 4.9 112 
tiaqn 43 15.4 
140 20 40 143 
62SJ ZJ 32 173 
33] 4.9 14 14 
7045 19 114 
1231 11 35 340 
1160(23)60 ULO 
124 30 13 23.4 
173 10 63 13.4 

275 73 WOTHU.WJ 

355 255 Widen 

315 153 Wjblh— — . 
295 135 Mdn9Oft.Eqp.lOp- 

142 68 WMsmrSp 

215 80 ^Wog&mBVCrtlOg 

461 266 WpataonMfto— 

I Na I - 

I 129 

170 -5 
97 -2 
144 -4 
86 -4 
70 —5 
05 -10 
ISO -6 

184 -5 
296a -l*a 
388 -1 

185 ...._ 
295 L.._ 
195 -8 
IS -30 

40 20 170 
20 ZB 17.4 

42 10 213 

33 2.9 114 
10 32 419 

34 SO 70 
23 20 213 

£206 lm9*J D0.8%ttLn 
153 I >» MMdafLBMta 

15/ 26 SO 106 
tgb2J 44 L9 14.9 
17 J 30 35 12-6 
td - 70 - 
IX 1.9 13 - 
23 51 12 m 
Zi 03 LB — 
<021 23 33 170 
21 43 33 9-9 
*80.7 23 47 128 
W 23 41 111 
B**W _ (70 — 
*81133 43 101 

By Grow 


TanwSQp 199 -1 

♦Tar Hanes 2M -IS 

Tutor Wtata 303 -10 

TMwjGrogp 200 -14 

Tnris&AnsW 265 -5 

Trent HattaplOp- 150 -5 

♦TodorZOp 130B fl% 

TwriftCtta. 243 .— 

Tyson (CondJ 10p_ 5M . — 

VftnpiM 4* -M 

Ward Group 5p 1M 

WataHkjgs.lOp 125 -10 

Warrtwws — 115 

Watts Btace - 246 

WestfiorylDp — ; — 1650-7] 

Vfiwtas Grots 133 -1 

WtanBondealOp- 134 . — 

WtenfCormotty) 275 ...... 

UnnBTiGco)-—-] IM0+2 

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li 4.7 25 93 

160 ♦ 20 4 
0155 35 15 250 
18.7! 3J 2.4 113 

lA 4 29 ♦ 
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131 23 40 las 
174.* - 60 - 
0.71 77 LO 101 
1631 3.4 4.7 BO 
17 J 22 45 IO 
1055 23 64 93 
4: 30 33 118 

131 30 23 160 
IMi 4.9 13 70 
02 ♦ 70 ♦ 
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61 50 33 7.4 
191 25 43 110 

161 3J 45 9.9 

132 4.9 27 103 
U! S3 13 245 
141 21 42 154 
91&! 10 4.9 ISO 40 S2 10.7 
R3.7 20 30 14.7 
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Ktafc Low 


wl stock lprk*h-°1 M 

1SJ 24 30 135 
14.7 XI 3.9 9.4 
8436 24 45 102) 
UA M 30 132 
123 6.9 L4 143 
14.79 3.9 3.9 7.9 

32 65 43 
20 XI 13.4 

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27 32 123 
30 10 108 
6 40 6 
17 68 113 
« 19 ♦ 

12 73 342) 
20 4.9 130 
— IO — 
25 19 135 
27 35 13.4 
33 42 90 
33 20 19.4 
33 27 140 

13 3.9 270 
19 63 115 

24 S.9 90 

25 32 173 
27 40 125 

33 43 102 
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20 40 102 
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20 4.9 100 

19 0.4 - 

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15 30 203 

20 4.9 95 
25 30 119 

13 30 20.9 

— 73 — 

14 33 105 
73 03 SI 4 

30 t 45 
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4 12 4 
40 20 15.4 
23 27 221 
23 20 30 
32 24 164 
27 32 117 
- — 123 

29 40 118 

30 40 110 

32 23 214 
6 4.4 6 
30 43 10.7 
30 30 100 

33 30 100 



M3 L...Ulnl3 - I 

Hire Purchase, Leasing, etc. 
Ettfc'XHdgdKto J «9 V-1 16201 

taq*leajcrti&. 350 ~5 t^a 
HeffcroFr.lOO — £44^-21] dlOJb - 


WocdcfeewrinSn UO L— KSSI48 

471 290 
now 729 
•TP] 39 
228 124 

7% 540 
246 131 
239 141 
195 148 
535 440 
361 202 
1230 140 
412 344 
341 33S 
280*3 150 
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482 259 

389 238 
129: 85 


97 68 

223 138 
243 145 
508 370 
154 7 112*. 
453 280 
6(0 3*5 
268 189 
•699 463 
385 2S3 
424 2771 
477 274 
445 235 



Sycklej'i&nrtsy — 


Bivnmiood Brncry 
Elarfc(Uaokm) — 
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fKMrHtge, Ptae'A' . 
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uacdmd Urn 'A' . 


Scon & New 20o — 

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259 31 27 
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WoK.&IMtay j 340 1*488 

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360 129 
355 222 

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570 142 
402 189 
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290 78 

252 141 
122 160 
186 78 

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675 136*2 
579 289 
240 ISO 
315 220 
250 86 

148 76 

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170 80 

373 145 
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184 92 

278 150 
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402 U9*j 
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Kbanfcn' Const. 325 

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noddle lOp 90 

MMudGnwMp- 500 
MtwoofoSa— — — 191 
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40 -8 
90 .— 

500 *25 
191 -14 
244 -14 

^jger*9t Brick— J ZM -23 
Badry tBm) Up— —4 44 1-2 

Baldwin lOp——. 




141 -4 


194 -U 

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325 -a 
319 j-5 
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393 178 
505 180 

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240 100 
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73 ..... 


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212 -1 
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335 -30 

243 L_. 
115 .... 
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258 140 
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215 111 
335 140 

310 116 
182 I 85 

180 I 92 
200 1133 

102 I 55 
593 I3«6 
335 161 
373 [171 
131 71 


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KfmmlMjIllto — 420 -5 
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85.751 28 
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128 1-3 


123 ..... 


328 -5 
294 -16 
355 -10 
162 -6 


56 -7 
237 1-7 
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4*3.91 24 


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83 43 )41 

74 31 )»- 

180 121 U* 
170 86 pU 

470 207 1&I 

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797 288 
183 72 
338 1B7 

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225 103 AnatradSp 

655 353 Mata’S (r^iwiaSp. 

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140 45 Apricot Goto 10p— 

81 35 ArostearfcWHVta— 

240 95 Ari*n20n 

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48 15*] BuigHi ’A’ 5p 

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512 266 CaMeS WVriess50p_ 

326 174 ^WrMpeElK 

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285 -12 5^ 

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19 18 102 
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12 13 120 
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24 3.9 1281 
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32 36 118 

20 12 456 
40 23 129 
• 16 * 
5.7 LS 115 

25 54 102 
25 50 80 
35 0.7 300 
♦ 27 • 
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62 12 18.9 
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20 62 115 
102 14 70 
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U8 54 WnnlOp— 

498 205 BM Gran IO 

113 180 BtaKOttliO 

n u * tanejftid- — . 
•254 UB taten tah.20p— 
173 71 tatfedlOp.— . 

289 UPi BnddtaJcJfl 

•278 145 BtnrW*BoUW_ 
•U 37 UdModHodge— 
365 135 Mklidutils — 
<W 166 

^ ^ jSSoLSt faiih- 

190 72 Bro*BBfOwW»Sp- 

34 23 kora Ere. lflp 

260 99 CamfttdEfl^ 

2U B7*i Csdo£n*.5p 

200 101 »fcplOp 

Si SS = SS3£Rt 

139 23 Or ^Hnct 

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281 103 Conotifclfh__ 
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E2Z71] aOh tarata7W94 

153 115 lik Gris* 104 

176 56 OnteaitaLlOp- 

Z39 134 JwyConL 

S 3 

360 180 kHUttartas. 

H7 53 (taroidnellk — 

138 47 »Eafe 

306 180 =*«? 

UB SB 3Sott(BJ 

93 58 FfclHdwr — 

148 50 Fht6<G,MJ10p^. 

81 33*2 'o*ee»ta»5p^ 

154 95 lETtata.2b*__ 

434 Z35 Wta£U__ 

OT Wl tanwE*|.MP — 

580 312 ajnwrill*. 

165 95 MftPKcfafen5p- 

378 232 MEw.50p™ 

246 134 WntaBheri 

87 43 ta raW ttfcSp. - 

630 377 ftpnfar t lddil iT — 
UB 79 trotktSmwOUp. 

234 93 HM&SBM 

115 44 NtobsBi5p^— — 


Net IcvlMlM 

lASj 26 32 J6J 
ILK 36 4.4 76 
2J 62 0.9 ZU 
iV22 43 HS 

mbit 23 53 103 
Us 29 46 »5 
14.7! 23 3.9 13D 
£?! 28 66 80 
111 41 3.7 76 
3i 4.4 20 U9 

tar 22 iu 

33 24 ZU 

a7 y - 

23 67 90 
29 39 122 
27 *1 121 
36 33 106 
26 40 131 
33 16 1U 

90 -1 

28 52 « 
23 36 162 

112329 27 103 

« A 

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Financial Times Tuesday November 10 1987 

INDUSTRIALS — Continued 

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ULdL9 46U34 
W324 bSbta) 

Tatar Faroe 5p 175 

Tech. ConpL Ms.. 488 
Tctawdow tor Bn. 170 
rt Project SmUp . ZB 
SLGrow 38 

art Wle bn. — ^ 293b 
bommi T-I5»5p— 7b 

NT4S050 119 

UntaRlEtaSp- 90 

ufFJO 5o — 104 
pc CreCaUPrf . 3M 

ItFLiaU 390 


arHse.20p„ 274 

art Dec. 19B 

nd5p 33 

LL82I 40 1 L4 8.9 


12J 53112 SO 
xmx2\ t wb 
^0 36 16 227 

53 * U 6 

Ore 25 1 4.9 1 81 

3J20 49 13.9 
lull UL9 

SjMU — 7J.r_ 
833 36 1 31 1123 
■SJ 23 35 067 

w53is 66bze 
17322 53 K2 

Triangle Treat 2Q»_ UO 
FTrSAic Harris USD— IB 

Ti«ro 96 

tea* Tarter 175 

liOOHIdpslOp X70 

WorewUP X73P 

Mk*er5p 420 . 

lta>NVFI12 £85% 

JnBadc2Dp U 

»SpSS& £ 

VUwGhl20p 198 

WariePnttLlDp Ml 

ZB 13 22.7 
41 07 Sta 
Lb 31 55 

51119 So 
29 33 El 
50 30 GS 
31 4.9 195 

Nro ci H wre d &p5 

•eftacTp- 20 

« todoarles5p_ 30 

V. Yorks Hare 50p. 135 

fatapAMlO- 3b 
Ua«R.A^Sp- 3£S 

03b 03(35 — 
IMS 26 15 356 
1M« 13 237 
1&29 26ISJ 1LB 
149 30 30 151 
S3 4.9 51 59 
4935 13 223 

83 31 

U U 
398 2(8 
610 207 
U3 58 
•370 1» 
240 112 

680 410 
795 190 
185 66 

S3S 338 
421 MB 
690 335 
230 U9 
160 60 
58 25 

71 » 

663 m 
595 323 

■sa 99 

3*5 MO 
435 257 
213 1U 
9U 260 

1 29 

fMaMAeccSLloJ 35 
lattyreroHIth.Cre. 23 
[■roronwTcrtZfc^ 3U 
rereriHEwrasSp- 318 

taCDHIriisUp 63 

IrttUta Prods — 3S5 
IhoPcre— 148 

: 2X 21 5.4 121 
12JC 2.V 15 JL3 
UI • L7 6 ! 
11X 35 14 2S1 I 
Qb3% — E5JB _ 1 
L3J 31 31 115 
HI 73 05 38J 
THi 48 25 MJ 
- - - 141 
JJ 15 16 561 
kQZli 0 2.9 * 
AIM 80 85 

38 10% 

347 190 
UB 106 
un 31 

Z19 146% 

708 423 
253 77 

250 55 

90 20 

305 MS 
97 64 

907 US 
187 103 

422 182 

uz m 

36 L9 183 
2.9 30 138 
2.9 26 165 
36 29 164 
27 40 20.9 
84 40 30 
20 5.4 63 
12 D.9 367 
44 17 ISO 
14 16 147 
26 46 UO 

— 63 — 
60 LS 163 
23 M 111 

— M — 

“S « 

31 OJ - 

2.9 29 07 

— 65 — 

)(Artrer)5p_J 102 
*StMlOp-_J 125 
UaguUOlteJ 36 

rinGiXW 65 

DtanGivlSiL— 175 

*10p us 

It War. MO 

reTHJ,. 226 

26 M 89 
0 46 » 
U 3.4 15.9 
47 U 17.9 
— — ZU 
26 16 3L9 
22 55 114 
37 16 187 
3.9 37 110 
43 42 76 

♦ O * 


36 26 133 
9 26 f 
25 67 86 

1 46 1 L7 116.7 

35 15 262 

22 43 120 


21 53 l£b 
33 36 7.9 
47 31 93 1 

23 52 113 
26 35llZ6 

40 36 8.9 
37 OS 156 
LB 3.9 220 
L9 37 220 
87 69 363) 
26 26 167 
36 11 371 
* 06 1* 

12 406 
32 - 
117 — 
27 46 137 

08 10 - 
- 63 - 

— . 25 -r 

- 05 - 
—■ 53 ^ 

- 60 — 
LI 97 SO 

21 39 160 

22 76 87 

— 55 - 

- 43 - 

— 50 — 

26 56 95 
16 46 135 

27 45 U3 
21 4.9 98 

23 1LT46 

- 40 - 

*‘::r=r = 

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- . .. 

■ . . 



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a — l 

Financial Times Tuesday November 10 1987 





■' S r'Jy 


.135 32 

m«a 290 
255 133 
.600 238 
U0 97 
394 236 


18 1 5.4 1*0 

03 U - 
» Ji t 

— M — 
U IQ w 


£i si iu 

1.7 38U32 

- G - 

- 83}'— 
3i 13 J48 

- 12 — 
23 4.4 113 


2.7 I — 

f * 2J ♦ 

03 04 - 
33 10 13.4 
3? 23 153 

* 72 * 

0J.1 33 — 

mat 2 j 
QW 0 J 2.7 

B ib 


W3d * 

_ .. 63 

23 7.9 123 
13 JW 53 
38 8 J 33 
♦- 10.0 * 
* 98 ♦ 
1.9 53 93 
23 54 M 
23 an 51 


3» f-15 

a*o -is 


108 __ 

in Li- 

199 127 

OOS| 713 
288 181 
77 64 

683 963 
181 112 
172 113 
562 342 
195 143 
373 175 
134 65 

69* 39 
14* 1 70 

484 344 
851] 52 

97 64 
£25* £9* 

101 58 
354 236 

137 58 

89 56 

014’, £864 
57 36 

643 308 
147^ 104 
435 Z77 
146 75 

251 140 

125 a-pj 
60 42 

Z7 15 
151 75 

98 40 

51 “ 


104 5b 
Z76 140. 

205 94 

195 52 

136 82 

73 46 

853 780 
159V 95* 
86 71 

54 18 

180 143 
286 133 
378 375 
302 169 

206 90 

902 605 
392 za 
136 74 

210 131 
110 56 

258- J5B. 
128. 71 

230 ; 

325 108 
153 88 

335 168 
286 150 

105 74 

06 72 

565 315 
990 523 
243 150 
94 99 

34* 24 
310 175 

160 06 
588 455 
27* 12 
533- 334 
112 so 
86 48 

n 11 
166 “ 

325 108 

157 80 

233 121 
297 143 

214* 134 
242 151 
222 123 
2*4 142 

202 124 

145 91 

88 67 

23 6* 

52 B 

674 05 

120 86 

53 26 
282 166 

326 214 

289 119 
420 290 

174 80 

74 48 
22 10 * 

464 309 
12S 81 

55 29 

187 93 

Mb m 

175 102 

410 200 

442 230 

305 205 
132* 128 
44 31 

5*3 416 
683 290 

63 28 

290 185 

ms a 

71 42 

U7 55 

60 x 

205. 140 
£63 £28 
£28 DA 
82 56 

23 1« 

014 £88* 
580 335 

220 136 

98 74* 

100 3b 

S % 

260 159 

181 110* 
687 310 
£21*1 807 

138 81 

172 238 
628 350 
76 44 

U 25 

368 209 
302 187 

269 145 

438 366 
07,1 99* 

203 160 
438 210 
475 280 
198 113 
Ufl 62 

180 115 
190* lg* 
00* ZJ? 

181 150 

64 47 
285 201 
301 196 

*S? ^ 

91 50 

238. 158 
234. 157 
2Z7 147 

221 150 
248 148 
246 MB 
310 Z2| 
U3 68 

102 64 

101 63 

Ur rw 
■d lenrlft* 

7J3L2 18 

tloSlO 86 

Fugu 36 

18 Ur 
2jj 6 58 
Ittfl 9 5.9 

obid- ns> 

06)0.9 23 
n»au 4.9 

42 . 45 ! 10 12 

till) U 15.9 

ffijS to* 
494 Ml 

40 . a 
5* j 27 

4*0 > 3241; 
359 l 232 
210 1101 
140 sD 
UP I 50 
86 41 

-111 S3 
345 147 
218 133 

£ H 

132 58 

103 85 

44 18 

102 91 

47 84 

99 61 

33 IB 

41 3b 

£34* £24 
345 '2*0 
£32* 01* 
326 107 
45* 2H 
£16*1 £14* 





97 42 
1071 J 97 
106 97 
35 15 
W6 663 
238 124 
130*| 82 
259 T IBS 

11 a 

£id - 

aw — I ns 

,vd £ 

tl0.79 L0 3J 

uu « 

34 U IB 
O t u 

1« Li U 
L23 16 10 



OMU 2 jD 
£3lO 46 
S 3 4 2.4 
^3 4 5.9 

161 lj 94*jWlanliit | 94*|-4*| 

'(Hi 41 1 On Wlrr^w 1 51 1-2 I 

as in tesss*d , si»-i 

Finance. Land, etc 
WmTuwI Stock I Pita 1-1 Nat 

u I Irul 

lit ICVriGrtlKE 

L4 1$4 
08 - 
12 63 
- 2X-* 

4.7 Kb.9) 
04-3- 73 - 
621112 30 617.71 
I33l6 53 lb 5 

6 22 6 
— — 13J 
50 20 116 

7.7 — 


W18 IO 4J 
41812 10 12 

IQ3S « 6.7 

*** 14 (50 
06% LI 40 
367 10 30 
t53S 10 8.9 

SUtIuI 3J 

♦ so 

8356 LZ 50 
47i 13 U 
Q6BC - 06 


Xscav (W J & G £1 J 






Ken Oriental ttJOJ 

DaWwnres 1 


HvirVJ In. V J 

Handns Am. Tick. Is J 
Harvey 4 T.20o__J 


fad. Fin. 4 lm.Cp.-J 












Inn R m ha -1 

Ds. Drid.. 


U. 6 G. Grave I 

a 35 136 
6.7 £06 

■my 40 

241 1 63 

Untrs otheralso Miund, prices and rat dMd w ds w ta pace md 
deramln«biraaM2S0, Estimated prlcefeornuigi retint and oners m 

QlfiScl L5 62 
IL»0cV « 3J 
Q160d 1.7 33 
££j ♦ 23 

3 17 20 
9 14.9 

9 114 
* 5.9 
« IO.* 
Q 20 W 9 I14J 

Used m bust annual report! aod accomts end where ja rasihle. o re 
imdated on half-yearly figures. P*Es arc calculated on ^rer" dkctrbitklo 
DasuL earnings per share being- computed on profit after taxation and 
wveheved ACT where appifcaMr; bracketed figures Meair 10 per 
cent Or mare drfleneoc* ff calcofaied an ”ntT dTio-ftartton. Corers are 
based on “maumin" dlurilKrtltin: this compares gross dMdentf costs lo 
pndh atter launos, excluding exceptional prafits/inssn but mcfcmng 
csUmaied extern of ofhetnble ACT. Yields are Used on middle prices, 
aremoss, ad^oted to ACT of Z7 per ram and allow for value of declared 
dMribuilon and rlgbu. 

* “Tap Stock”. . , 

* Highs and Lows marked thes tore been adjusted in aftow for rights 
issues for cash. 

T interim since increased w reamed, 
t Interim since redact tf, aasartf Or deferred. 

±t Tax-free to noo-mideiits cn applieatioa. 

9 Figures « tenon awaited. 

V Nor officially Uk Ikinl,- dealings penmnrd under Rale 53Sf4)faJ. 

V USM; not lewd on Slock Euftange and csmpaiv sot subjected to 
same degree m recpilaikia as listed Mcprales. 

U Dealt In under Rule 53573). 

* Price m u me of suwmlon. 

1 Imbcaud dnHderel after pending safe andTor rides teoa: carer 
relates to previous dindend or imteask 
4 Merger bid or reorgadsaimn in progress. 

9 Not comparable. 

9 Same memo: reduced final and/or reduced evnfaigs Mated, 
i Forecast tBridenA cover on eandngs updaud by latest Wertm 

T Coxeranows far convers i on of dt m et not notrianklng ter Beidwd* 
or niAIng only ior restricted dlmdsnd. 
it Cover does not allow for shares wtuch may alio rank tor dhridead at 
a future date. No P/E ratio tonally prodded. 

H No par dine. 

B-Fr. Belgian Francs. Fr. French Francs. H YleM Used on amort* 
Treasury Bin Rate nays unchanged omil maturity of stock, a Amuaihed 
tSmderes. b Figures based di presoraM or other offer rttonute. 
e Cents, d Dwtdeno raw paid or noyabie onnart o< caoHai. cover based 
on dindend m lull capital, e Redemp ti on yield, f Flat yiekL g Assumed 
dniariH and yckL h Assumed dividend and ytefct after strip issue. 
J Payment from capital sources, k Kenya, m Interim higher than 
merinos total, n Rights iisue pending, q Earrings based no preiimmry 
figures i Dividend and ridd exdude a special payment. I Indicated 
tSyidetyj: cover relates to prewns dtridemt PiE ratio based on latest 
annual eantrips. u Forrcast. m estimated amuaiMd dividend rate, 
rarer based on preriots year's ramuigi. » Sstyrci to local tax. 
a (kvidRu: carer u excess ol 100 times, y Dividend and yield based on 
merger terms, z Drerimd and yield toclute a special payment: Cover 
does not apply to special payment. A Net dividend and weld. 
B Prete re n ce dividend passed or deferred. C Canadian. E Minimum 
lender Brice, F Dindend and meld Used on prospectm or Mher offtaaJ 
estimates lor 1986-87. 8 Assmed nivuiend and yMU aits pending 
scrip and/or rights issue. H Dhndend and yield Used oo ptspecua or 
other official estimates f» 1466. KMritfead and yfePf based on 
prnsoeetus or other official estimates lor 1987-88. L Estimated 
armualised drrideod. rarer and pfe based on latest amxiai e ire fe o s. 
■ DMldeod and yield Used on prospeoto or other official estimates far 
1965-86. N Dividend and yield Used no prospectus or Other official 
estimates for 1987. P Figvm based ou oros n et bi s o» other official 
estimates for 1987. 8 Cress. R Forecm amuKisM dhridMd, carer and 

8 n based an prospectus or other official estimates. T Figures assumed. 

' Pro forma figures. 2 Dmdend tool to date. 

Ahbreiiaums; 4 ri ttwlwd; b ex sorip issue; r ex rights; sea all; 
M an capital dhlribvlloa 


Ths lolioaaq is a seiect'or) of Pequmi and fnsh stocks, the latter bemg 
ouered in Irish tpnenry- 

Albany In 20o 1 R I | Fla 13S. 97102 >Elll*Ul 1 

Crrig & Rased —I 7H«la37 Arretts 250 ..... 

FlnlnPkg. So J 53 -2 

ffohU(U25p Ol*-* 

loUSw.C I 235 1-5 

Fund 11*S 1988— 1 000*]+* 
haL 84,89 I £99 


Carrot M. 


He cou HW»s._ 
injb Rapes— _ 

Uariarr _. 

55 -15 
130 .— . 
40d — 
LZO ..... 
40 ..... 
158*ri -2 



1+3 ZDU - LO 

&■ «s= “ 

W6.WJ4 43 
♦ mj 

Q5d — BJO 


d: z 

j — 


♦»2t D8 28 

*^Z z 
-iZ z 


3 -month call rates 

*"*'*«• p „ r , 

: ^zz=z S 8HE= | 

BOCGre 50 K£te3 = : g 

Mri *7 32 

6oSpckZz;::r“ » » 

Rx«.i» Rank Org Orel.-.—.. 70 

uare^s.;— M 

32 Reed Intnt 

Blue Circle I 50 

Boots 38 5f"s 

SovMtere 50 Ti- 

Bril Aerospace SO TSB.— _ 

BriLTeiecam 28 JS“-==r — 

Bo rum tirri 32 ThonsEMi 

cadburys 25 Trea Houses— 

CfwrirrCoos. 95 

Communion. — — . 39 

Couma tas 45 Vlekcrs 

FNFC - 32 Wellcome 

C+n Accident. 95 rrupcrty 

BEC — 22 Brit Land — 

Glaxo-—— 200 Land Securities.— 

GrwdMeU — 30 MERC 

CUSA X25 Bmtw 

GuanTao 93 

GKN ... 39 OU* . . 

Hanson 1st— ^ 17 ftriL Petrottu 

Hawker Sldd 58 g rttrHl .-^. , ;“ 

ICI 125 Burmoti WI. H 

Jaguar 11 CUftfriqlO . 

Ladbroke . 43 Premier .... 

Lego) & Ben. 32 She! 1 --- — 

■ — p — - km T rimnrml 

3 * (JiO 

0 BrlL Petroleum 32 

Burmpfi WI.h—. 

US Bunneh Oil—— 52 

™ 52 Charterhril— M 

UgeJ&bBl. 52 anew +co 

45 Tricomrol U 

UovdsFLvri. ,, 35 Ultramar — — 26 

S " ln “ 

Marks 4 Soeweer 22 CuwBold.— — . 125 

««. 45 ImZ, M 

Moraan Grenfell 55 RtaTZhsc... 100 

A uiecUoa of Options traded It given on the 

London SUe* Exchange Report Page, 

Accra* Doing Date 

*Fkd wdn- lad Actant 

fobs dan Dote toy 

0d» Nn5 Nwf Nr 16 

Nm9 Nr» Nr 21 Nr 30 

Nr 23 Dec 3 Dr 4 Dec 14 

*Nwi Una dHfaga my was ptr~~ from 
IfnniH ImiImu ifcja aerOra. 

IN THE absence of firm news 
from the meeting in Basle of the 
central bankers from the major 
industrial nations, UK securities 
markets were left to speculate 
over the next move in global fi- 
nancial strategies. 

UK Government bonds strong- 
ly extended their recent gains af- 
ter a comment at the weekend 
from Mr Nigel Lawson, the UK 
Chancellor of the Exchequer 
that he was 'ready to cut inter- 
est rates again if neccessary". 
However, gains of a further 4 
points in Index-linked Gilts re- 
flected worries about inflation 
both at home and across the At- 

UK shares tumbled heavily, as 
investors shied away from re- 
newed uncertainties in the US 
dollar as well as in other world 
stock markets. London, deeply 
nervous of how Wall Street 
might react to the return of the 
programme traders, who were 
temporarily banned in the wake 
of the Black Monday shakeout, 
'was around 40 FT-SE points 
down for most of the day. 

Nervousness increased as the 
Amsterdam market reported that 
futures contracts on the US Ma- 
jor Market Indices had moved to 
a discount against underlying in- 

When New York came in with 
a 50 point fall, London's losses 
were quickly extended At the 
dose of business, the FT-SE 100 
Index showed a fall of 55.6 
points to 1565.2, another low 
point for the current shakeout, 
and a return to the levels record- 
ed in the closing weeks of trad- 
ing in the old-style, pre Big Bang 

While some City analysts were 
prepared to take a hopeful view 
of the moves in Basle to open the 


Widespread losses in equities while Index 

feature strong Gilt-edged sector 

Financial Tiroes Tuesday November 10 1987 


50,000 shares of a Beta quoted 
company quoted on the Seaq 
screens by seven marketmakere, 
albeit in relatively small bargain 
'size. He was eventually offered - 
and refused - a bid 80p a share 
'below screen size for his large 

This kind of situation, now 
•widespread among Beta and 
Gamma shares, has serious im- 
plications for the unit trust 
funds, many of whom are heavi- 
ly invested inthese second line 


Hfe Kml 
9 6 

9B3* 9212 

VLSI 9014 

3 *8> 

ut esLse 

Stax Caoptekn 

~h& I l5T 

9S47 9*42 

9U0 9*07 

and relatively illiquid stocks. 

In addition to the difficulty of 
-raising cash to meet liquidations, 
managers face the dangers of 
fund valuations based On share 
prices which are often somewhat 

Mr Lawson’s comments on in- 
terest rates, which were taken 
up by many analysts at the 
weekend, proved little help to 
equities. But money market rates 
opened lower, as the City pre- 
'dicted base rates cuts of another 
tall point as soon agreement is 
reached on the US deficit, 
i In heavy demand, long-dated 
Government bonds, driven ahead 

12324 ] 127*4 

12554 I UMJ. 

2774 | 2614 

2792 SOU 

9332 03.73 

«5) CUOOB 

9*12 9023 

OSfU <2/13 


06/7) n/UJ 

4VU 2614 

CM) WUi 



ftEfttbfarfX*) — 

SEM Bsiwta (5{M) i 
EMIT Tmrnmer (£■> - 

EqaOy towns 

Shares Traded (nO _ 

540 444 

1242 124* 

94* 1006 ! 

30.7M 3*250 : 

- 137540 

- H736 | 

*n Am 

124* 11.96 j 

9L99 1023 

*W *788 
177*43 167X22 
*U33 qw 
006.9 0932 

1 274 














while JJLDtmaSA retreated 10 
to 252 p Jnverpmkm suffered a 
setback in Dttutet* toting 12 to 

Leading Bonding iaeoea sus- 
tained fr esh loos es deg ptt e pro- 

Building activity remains buoy- 
ant Lack of support end scrappy 
selling left Bine Circle 5 off at 
310p and Badland 2 che^xr at 
373p. BPB Industries, the sob- 




i p) >W w 

1472 MS2 
JQ7J 3*15 
»u toOM 

f [Opening] [10 a.m.1 ill am. Noon 1 (un. 2 pjn. 3 p.m. 4 pm. 
1248.0 1249.0 12492 12403 1240.4 1241.6 12422 12343 

also by a lack of supply in the 
marketplace, quickly bounded 
ahead by a full point on good 

Day's High 12503 Day's tow 12292 

Bash 100 6 ml Sees 150026, Ftod 6*. 1928, OW| V705, CUtf Mfara IMO* S C 19H * «M0O. 

way for a meeting of the Group 
of Seven ministers aimed at sta- 

of Seven ministers aimed at sta- 
bilising the dollar, their opti- 
mism cut no ice with investors. 

“I was surprised it went down 
as far as it did", said Mr Nick 
Whitney at Warburg Securities. 
“There seems to have been very, 
very little selling business going 
through. We were just chasing 
shadows again”. 

Once again It was the dollar- 
e&rning exporting groups that 
took the brunt of the market falL 
But turnover in these major 
stocks was thin, and ICI and 
Glaxo managed to steady above 
210 a share, with barely lm 
8 hares traded in either case. 
SheD gave ground, also in some- 
what lacklustre trading condi- 

But more serious damage was 
suffered by the second line 
stocks as unit mist managers 
struggled to raise cash to meet 
unit liquidation calls by their 

One manager attempted to sell 

ahead by a full point on good 
retail demand, both from UK 
and foreign houses. A bout or 
profit-taking was brushed off 
•and prices closed at the day’s 
best, with gains of 1%. In the 
absence of a new Government 
tap stock on Friday, yesterday’s 
demand implies heightened need 
for one in the very near future. 

Index-linked Gilts (TL) bound- 
ed by as much as four points, 
with stock shortage playing a 
role in this sector also. Investors 
have bought IL stocks heavily 
since Mr Lawson, in his Autumn 
Economic Statement, disclosed 
higher forecasts for next year’s 
domestic inflation levels. 

Turnover in BP "old* was a 
relatively unremarkable 11m but 
the shares remained on the 
downward path and dipped BVi 
more to 240 top, after 238p, as 
crude oil price again fell below 
and this time stayed below the 
$18 a barrel mark; Brent for De- 
cember delivery lost 40 cents 
more to $17.65 a barreL 

Business in BP ‘new* ap- 
proached 100m shares after 
weekend Press stories that Amer- 
ica’s Exxon could be seeking a 
stakein the company, and that 
Japan’s Nomura may well be in- 
terested in increasing its holding. 
But dealers said numerous trades 
of around 5m shares in BP “new" 
were "fairly routine". The "new" 
closed Sto lower at 75p, after 

Jaguar earned the distinction 
of being the only international 
stock able to arrest its freefslL 
Views that the stock had been 
oversold because too much em- 
phasis had been placed on the 
group’s US exposure were a com- 


But the main drive behind yes- 
terday’s recovery was provided 
by an unexpected revival of 
American buying interest. The 
business was relatively small but 
It found marketmakere running 
short book positions. A squeeze 
ensued and the shares improved 
to dose 10 higher on the day at 

P. and O. Deferred met with 
nervous selling and dipped 25 to 
448p in the wake of rears about 
the outcome of the company’s 
insurance claim for the toss of 
•the Herald of Free Enterprise. 

A week-end Press article sug- 
gested that the lawyers for the 
lead insurers have expressed se- 
rious doubts about the £2Sm 
claim. However, P. and O. wore 
reported to have stated that dis- 
cussions are still taking place 
with the insurers and that they 
believe that the claim is valid. 

One of only a handful of im- 
pressive upside movements in 

current year. Worries about a 
possible monopolies reference do 

not worry Newman, who refers 
to Thom EMTs 50 per cent stake 

yesterday’s market came from 
Electronic Ben tale which 
surged 9 to 64p after a prefen cs. 
share and bid valuing the 
company at more than 52l0xn 
from the Granada group. Grana- 
da shares slumped 29 to 241p on 
the news. 

Analysts were split as to 
whether the bid as it stands will 
succeed. Chase Manhattan Secu- 
rities' Brian Newman was doubt- 
ful, describing the offer as "op- 
portunistic” and coining at a 
time when ER is undergoing “ a 
strong recovery phase". He fore- 
casts pre-tax profits of £23 m, 
against 518.5m, for ER In tire 

to Thom EMTs 50 per cent stake 
in the TV rental market. But 
traders in the shares and other 
analysts pointed yesterday to the 
40 per cent premium to ER’s 
share price prior to the bid. 

financial sectors mirrored slid- 
ing markets worldwide,' and 
what dealers called "almost total 
lack of buying interest”. The 
“big-four" banks did little mare 
than drift throughout a lack-lus- 
tre session and Uoyda- worried 
by third world debts - lost 17 to 
228 p. Midland, also upset by 
South American debt problems, 
fell 15 to 328p. Press comment 
suggesting a possible merger be- 
tween the two banks was 

^Merchant b&nte found no sup- 
port. Kteinwart Benson lost 35 
to 370p after comment on the 
poor results of the £14&n rights 
issue. Morgan Grenfell dipped 
15 to 228p and SG Warburg 
gave up 23 to 280p- 
Life assurances were lower 

Robinson vfrbere the appoint- 
ment of a new deputy chairman 
and managing director helped 
the shares edge up to 126 p. 

Fresh reports of overseas pred- 
ators staDdng both loading and 
secondary groups found Brewery 
investors in unresponsive mood. 
Bond Cor p o ra tion would n eit h e r 
deny nor confirm a suggestion of 
an intention, to increase its stake 
in AEUed-Lyons from the pres- 
ent 2.8 per cent to around S per 
centana the latter's shares came 
back with the general downturn 
to close 916 . oD at 320p. Losses 
were also sustained by Bans. 

recently, came beck, 14 to 244p 
and Steetley shed a similar 
amount to 26&bp. HousebuQden 
remained on oner despite the 
pros p ec t of a further cut in fattier* 
eat rates, Barrett Develop- 
■innte loring 4 at 141p and Tar- 
mac shading to 199p. G eor ge 
WSmpey bucked the trend and 
hardened a few pence to 109p. 

Id drifted bade on c ur r e nc y 
influences to dose 16 easier at 
filOKft. WacdDe Storeys, annual 
results dnenaxt Jtfaada|j; toot 2 0 

ftonaf were a major casualty af- 
ter revealing dteappointiitg half- 
year figures a nd d osed some 62 
pence lower at 308p. 

Suds Qaseasway put on a 
creditable performance in a 
stores sector generally depressed 
by confirmation of the marginal 
decline in retail sales during Sep- 
tember, only a shade off at 97p 
Harris shares reflected rumours 
that securities house Wood 
Mackenzie had ‘taken a positive 
view of the shares after the sale 
of the loss-making "Ultimate* 
electrical retailing division to 
Wuuiwurfha for Mtolbe latter, 
who intend to merge the neariy- 

dearer at 259p. Tate and 
Lyle softened a few pence to 
596p and Unigate shed 10 to 
260p. Among Retailers, ASDA- 
IHTt, jn which some 1 wffl snares 
. changed hands, settled 6 cheaper 
at 167p. Dee Corporation shed 
6 to lblp. J. Salnsbury were 6 
off at 2l8p awaiting today’s 
half -year figures. Elsewhere, 
IfiUedown were a weak market 
and gave up 8 at 22Qp. 

Already moving Iowa’, Inter- 
national stocks weakened fur- 
ther in the wake of a sharp set- 
back on Wall Street in the first 
few hours or so of trading. Han- 
son Trust were again one of the 
more active counters, closing 5 
down at I22p In a volume of 
some 5.8m shares. BOC, (prelim* 

. _____ doe on Thursday) 

dipped 17 to 313p. Beecham feu 
tom to dose 21 lower at 404p, 
while BTR were not far behind 
with a reaction of 14 at 229p. 
Reuters, a particular US favour- 
ite, were hard hit and closed 27 
tower at 464p. 

Virgin. Grasp provided one of 
the day's bright features, the 

Virgin G 
he day's 

shares rising 10 to llOp in re- 
sponse to the good annual results 
and confident statement. 

. Specialist UK car manufactur- 
ers moved conversely with 
March falling 15 more to 95p 
and Reliant advancing 8 to 4Qp, 
the latter following a penny 
share re c omme ndation. Commer- 
cial Vehic le makers went lower 
with KEF dipping 25 to 145p and 
PlaxtoB* (85) 19 to 133p. A 
similar story in the Component 
sector left Dowty, 134p, Lucas 
Mtotira 483p, and Kwik-Flt, 
13&P, showing uDs of between 3 
and 10 pence. IHsclbutars woe 
not immune and Appleynrd 
dropped 22 further to 258p while 
T jC e w ie s li ppe d 12 more to 73p. 

- Agencies and related groups 
took another tumble as investors 
showed renewed concern about 
future prospects. Shu&dwick 

put on a 

acquired group into its Comet 
virion were onfar 5 eatier at 266pL 

Storehouse also made prog- 
ress, edging up 7 to 287p after 
Press c omm e n t and toft ef aver- 
aging In the shares. 

cnguiOTo recoraea w iUfunrwu 

lo ss es. TI Ons| u nsettled fay 
news that the c omp any may be 
facing US legd action over its 
aborted bid for Bundy, reacted 9 

Leading Foods suffered m fresh 
setback, mainly reflecting the 
absence of buyers. Currency In- 
fluences conti n ued to depress 
Cadbury Od h w s fuea , down a 
further 7 at 182ft, but fingering 
bid hopes sustained Ranks Hur- 
ls McDowgaH which dosed a 

down 15 at 775p, and Gut 
which drifted 4 tower to 242p. 
Whitbread gave up 4 at 267p; 
the group has raised its share- 
holding in Boddington to SB 
per cent A few weeks ago, Bod- 
dington responded strongly to an 
intimated offer from Midsummer 
Leisure and rose to 228p before 
the offer wassubsqoenuy with- 
drawn. The shares tost 7 yester- 
day to 186p. Ropes of a bid 
touched off further demand for 
Gteenall Whitley, up 6 to 1740, 
but other regionals lost ground. 
Greene King gave up 8 at 442p 

across the board. The recently 
acquired near-9 per cent KIO 

acquired near-9 per cent E30 
stakein London a M an ch ester 
failed to hold up the latter’s 
shares which fell 10 to 195p. 
Composites showed Commercial 
Union, reporting third quarter 
figures on Wednesday, 20 lower 
at 283p. General Accident, al- 
so re porting on Wednesday, 
dipped 32 to 743p and Royals, 
due to announce results on 
Thursday, retreated 33 to 365p. 
Brokers were featured by Hogg 

Hobsons Pub l ishing 40 to 370p. 
Muaterlin shed 20 to llSp. 

Marketmakere reported quiet 
trading conditions in the Proper- 
ty sector with leading . Issues 
drifting steadily easier in the a b- 
sence of any worthwhile buying 
interest. The tone deteriorated 
further towards the close and 
prices settled at the day's lowest 
levels. Land Securities finished 
IS down at 420p, while falls of 
-around 10 woe marked against 
(British Land, 21 3p, and Slough 
[Estates, 197p. MEPC gave up 
10 at 383p and Greycoat lost 13 
at 267p. 

London A Associate d stood 
out among weak miscellaneous 
Financial issues, rising 5 to 33p 
on a tipsheet recommendation. 

Bat Industries, still reflecting 
Its vulnerability to exposure .in 
the US, met with renewed sell- 
ing, closing 13 lower at 414p fat a 
volume of some 2m shares. __ 

Traded option activity 
matched the market's sombre 
mood. The total number of con- 
tracts was 32,349, calls account- 
ing for 16, 430 tr ades and puts 
15,919. The FTSE contract man- 
aged only 396 calls and 624 puts, 
but Hanson calls were favoured 
with 3,609 registered. Plessey 
attracted 1,204 calls and 2,150 
puts Boots puts totalled 2,397 
with calls at just 829. 

Traditional Options 

• First dealings Nov 020 
hast dealings Nov ISO Last 
declarations Feb 04 • For Set- 
tlement Feb ISFor rote indica- 
tions see end of London Share 

Money was given for the call of 
James Finlay, Sears, Teaeo, 
Cluff Oil, Wellcome, BSS, 
Oceanonics, Tozer Kensley 
and Mmbount, Abaco, Cara- 
don. Control Securities, Lon- 
don Investment Trust, Bala 
Resources, Dazes Estates, 
Dowty Group, Fentland Indus- 

lilm , Awi«l|pMff* 

Blacks Leisure, Jaguar, Fer- 
ranti, Rolls-Royce, Ashley In- 
dustrial Trust, Dale Electric, 
Windsor Securities, Readfcat, 
Cresta and Renishaw.' No put 
or double options were reported. 

dropped 45 more to 405p, while 
Lowe Howard-Spink fell 39 to 

» Howard-Spink fell 39 to 
and Bosse Mssslml 23 to 
Falls elsewhere also ran in- 
nUe-fignre amountoNews- 


H» MMto b band a trading *o tone far Afain seanitles dealt thrangh the SEAQ 
System yaw faf until 5 pm. 

teM. — — 


VMM __ 




snmsH nm mwrjMK a own 

oovr. sna tseuea <i> awd m isupc. 

lit. 2010. LOANS d) maoni.Me AngHa 
WPO. 11.7.88, Do. JQpc. 1AM, Do. 
lOMe 22AM TRUSTS O) Hw Me 

itohpa I2AM TRUSTS M» Huer 

Zero Or. ML. Snot. Net Supped PM. 
Dol Zero Ohr. PM. 


Mb Royor . 

Hew Tw) ■ 
Renter- Sfcfci j 



Ryi Berk ScBdaof . 
SaattMA SaefaU .. 


These Infees are tte joint compilation of the Fmanaal Hmes, 
the InstifaitBof Ariuariesjaidte Faadfafof Actmries 


Monday November 9 1987 

FigBres In panmtteses sfmer wudMr of 
flocks per section 

EsL 6ns Est 

Eamtogs DU. WE adad 

fadn fag's YMd9b Ylefcflt Ratio 1907 tefe 

No. Omge (UaxJ (Act a (NeO to due No. 
% (27%) 










Mb Mr 
Mol No. 

1 CAPITAL C06SS (213) 

2 Buikflng Materials (30) 

3 Cootractlna ConstncttoB (33) 

4 Electrfcab CL4) — 

5 Electronics (33) — ■•.. .. 

6 Mechanical Engineeriug (60) 

8 Meuis and Metal Forming <71 — ..... 

9 Motors (14) 

10 Other Industrial Materials (7?) — ... 


22 Brewers and Distillers (21) — . 

25 Food Manufacturing <231 

26 Food Relating Cl 7) 

27 Health and Household Products (10). 

29 teborel30l 

31 Packaging & Paper 06) . .. 

32 PafcllsWns & Printing Q5> 

34 Stores (35) 

35 Textiles (16) . . — 


41 Agencies (17) ... ■ 

42 Chemicals (21) 

43 Conglomerates <13)_ .... 

45 Shipping and Transport 111) 

47 Telephone Networks (2) 

48 Miscellaneous (23) 


51 Oil & Gas (17) — 

59 500 SHARE INDEX (500) 


62 Banks (8) 

65 Insurance (Life) (8)-... 

66 Insurance (Composite) TO .... 

67 iRsorance (Brokers) (8) 

68 Merchant Banks (ID 

69 Property (49) 

70 Other Financial (29). 

71 I r we a ment Trusts (88) 

81 Mining Finance 12)- 

91 Orencas Traders (10) — 



152631 -3.7 HL08 
868.53 -12 1034 

567 JU -43 - 

53646 -33 22.75 

82155 -5 A - 

45U1 -63 - 

709.92 -4.7 1534 

13139 -43 - 

82U* -42 535 

3*9.93 -53 1037 

75611 -43 - 

34*15 —53 1331 

83*34 -43 10.96 

70734 -3.4 - 

Mr Day’s Dq^s 
ite. Page High 
156531 -SUT 15903 

158433 160415 
89734 98933 
59333 59735 
68572 68537 
86838 *7939 

496 453 12.77 36413 36*73 36339 33732 

534 10.69 36.40 87226 871JB 87411 765J1 

467 - 23-48 8tt68 824.90 8)335 82836 

Day's Nor Km Nor Nor Hot Year 

Lwr 6 5 4 3 2 ago 

^56131 1620X1 163&AI 16081.1 16519 1 X723.71 U563 





Mon Day's 
Nov change 
9 % 






to date 

DrtUdi Sermmt 

2 5-15 years 

145.51 +L88 



3 Over 15 years — 

154.49 +252 




4 Irredeemables — 

174J5 +U6 




5 AO stocks 

242.26 +154 





8 All stocks 

11655 +3.78 





1 Law 

2 Coepcas 

4 Media 

5 Coupon 

7 High 

10 Imdecn 


U bflattao rae 5% 

12 InltatlOD rate 5% 

13 MatfonratelQ% 

14 WlMioeiatelOK OttrS) 

12035 *L42 11497 441 9.94| 

8401UIL28 8458 030 1 5.74 

15 8 (6s& 

16 Lm* 


































































Marls & Spencer . 




TraMger House 

Prr Carpn . .— 





Corporations, Dominion and Foreign Beads. 


HmcM and Proper ti e s . . 





fj>. 601 
FJ>. 2300 
FJ». 601 

» : 


FJ». 1102 




FJ». 2300 



FP 2001 




F.P. 2001 

FJ>. 2001 

FS 1202 

F P 901 


F.P. 2501 

2M & 

& % 

88 75 

3 & 

121 103 

£& & 
50 lfilg 

rrwuiK. wu , 

■r Hones Wp — 
i PrUuknu 


1 1 

I I 

Ml 138 
128 73 


90 71 
253 170 
180 100 

^ >8 

8 8 
30 16 


' CltepJoLm 

iWfcSp-- — 

ISa &asr: 

*7 81 





78 -5 
75 -3 
66 -1 


^ A 



81 -5 


138 -7 

UU -2 

170 -7 
100 -ID 
1A4 -7 

73 -2 

W2Sc4i> \Z2lU 
I43l42 21UL9 

R2A E9 45 
IU2L5 L5 1 60 1 

ROM (30 25 

E9IE5I24 1 - 


123 21 1 45 1 

I (MO 20 UM 

M.75L4 35 
815130(3.9 ! 








— r-J 




' im 





2 M 









no WMuUnrf.ien.RMLPL . 

raw 1 "*— 

: Cm. 200 


- 1 88 1 13/11 Imrni 


_HldBS.ltaOte-ltel.Prf. £1 

Cm-CwB. RttLPi ? 


147p *3 


Optio n 

Brft Aero 

280 - 
300 2D 
330 4 

100 4 

110 2 
120 1 

13 18 

9 12 

7 10 

390 35 
420 17 

460 4 

58 70 

40 S3 
25 38 

13 [2? 
20 42 

52 65 

40 60 

£ 00 
90 W5 

aw hu itxic Mtm aute 

f U 302 alpS sjSS 

66 NR 402 VifiB W 

(‘ 21 2 ) 

220 [ 6 
240 8 

260 1 

14 27 

30 42 

50 50 

3tt) 1 12 

33 42 

50 57 

68 75 

Wm Sdmcwo 

200 8 
220 5 

17 22 

33 38 

♦Opening Index 15885; U am 1589.4; 11 am 1587.7; Noaa 1576.0; 1 pm 1577A; 2 pn 1578.4; 3 pat 1578.4; 3J0pn 1569.9; 4 pn 157L2 

240 10 

260 4 

280 2 

28 38 

20 28 
12 20 

15 27 

30 40 

45 48 


















































70 MB 

735 KB 

00 NO 

260 M 





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44 , 

ewTnnK . .... 


M aflan farflam -ataanfli farfliidM u a fMaw Ate. No P/E nte KuflN BteMed. 9 bsMd 

4 Flat field. Hitfn and Ions recast box Met, vahws and cocbUbw* dasuts are pabBsbui in Satndaf teas. A nev list of aaflHMMS h 
avaHatde tram (he Pstdishers, The Fkaacto Times, Bracken Hosse, Cuno Street, London EC4P 4SV, price 15ni bg pad 32p. 

280 15 
300 5 

330 2 

33 45 

10 33 

13 23 

18 27 

;2S 38 

35 58 

NMtee 6k Tool Contracts 3U13&CaIb 17528. Pun 13JU. 
FT-SE Index Cafe SOB Puts 229. 

*t/nderh*V swrriv fliCb 

Isned In GOBMCdM nhh i 

OfRctai Ui d w 

I HMMJ+ IMtcaqnlm* am ant * t 




Fin a nc ial Times Tuesday November 10 1987 0 


Mi ft fin — _ 





SW — 1 03 


1 A 

as *■” 


07-j 07% 
07', 071* 


06 % or 
wi i*V 

15 IS'* 

11 % 11 % 

10% 10V 
11 % »% 
12U 12V 
OH, 08*j 

«v 25* 
zrv 27% 
91 31V 

nr* os’* 

Total Sato* 5.127.632 Bam 


NEW YORK-oow . 




ms nut 


ULB7 2Z7J3 



257.81 I 30.17 

m (am 



12S73 1250.5 12900 2305.9 BUM I 12373(6711) 
6473 636.7 698.7 1462.4 J 6473(601) 

184.7SI 184.41 1 189771 23219(22(9) UL94001) 

(I) 18612 18141 1 18637 


3873 J 9933 I 5973 6063 I «7<U 0900) 4253 (50) 

2923 299.9 2971 300.9 4604(260) I 2923(901) 

716 773 764 770 1173 060) 743 ROD 

43037 95935 455.73 | 46693 67684 (60) 43037 ROD 

□02/581 1 13173 14078 13966 | 1427.9 20611 07*8) 15172(901) 

213957 211367 

207731 3999 


j 50U9 



2026 ] 2153 I 2067 I 2133 
1594 1669 1617 

324.44 350.94 I 35170 57530 

1854480 030) 

1557.46 030) 

2026 ROD 
159.4 ROD 

-THE-COUNTER Nasdaq national market, closing prices 

SMB TtaM 000266) f 8267 8236 

1822 4BV 
B 382 S5| 

B 348 18V 


1 1 fT~Ti'.K pili Prill MTTyrTinM 

VaJNH 134 

an I a_ 



Vfltw 1349 

WD 40 132a 

O. 40r 

WFSL* 30 
WMSaa 30 


WavaP 38 




Wawr J d 





V V 

10 320 «1, 
7468 8 

842103 • 

17 294 M, 
7x18 19 
478308 3% 
86 244 MV 

158 SV 
354 6 V 

M 332 SV 
18 00 tSV 
80 324 18V 
368 MV 
38* 421* I 

« M + 

6% 3 15-18 - 

9 0 ♦ 

BV »V + 

%y + 

*»% 81'*- 

43* 47-16 — 

9* 6 

W, V 

8, 5 

*V 12V- V 

*» MV 

J& 2&-m h 

«0V 40V -4 

sa c 

W I 133741 14460 

14024 145641 153741 22660 0600) 14254120) 

23162 325.44 (600) 

226612 2Z77J 1 35503 (900) 

mm m 

4774 I 4934 

(a) 3994) 3994 I 3967 I 495.9(27 /» 3613(20) 

1 Surf* tfeimtcr 7 J*m MU* S63740 . TSE 1856.99 

Base vtfaes af all latfccs are 100 km Branch SE - 1400 JSE OoM - 255.7 J8E lodnrtab - 
2643 aod AanraKa. AU Ordtovy w4 MiUX - 50ft RYSEAB Cam - SO; SUMtard and Pood’s - 
1ft wd Tsraata Commit* ad H MM - 1000. Taranto token bMd 1975 and MoauMd PonJotto 
t EKlodMa (wady t 400 tototrito ton 40 «*Ull*c% 40 FlMoctot and 20 irwportv to) 

w w 

17 101 25V 84V 

T S 25* 

9 558 VV MV 

n 178 MV 18V 

S IM 84 23 

«8 15V MV 
8 IB 10% M% 
n a w w, 
9 78 84 23 

129 8V 9 
9 38 M 13 

20 282 19V MV 
15 80S MV MV 
« 802 SV 9 
544 12V 18V 

34 47 36V 

18 8 W 15V 

13 265 WV V* 

9 137 IlS ttu 

UHDON - Ptat taiw Stsefci 
Thsdq. H—hr 5, 1817 



TOWO - Most Aetna Stocks 
Monday. Nowmbp- 9. 1987 

MtaaiC 40 to *5 M% 18V 

VMmQ* 82 825 17 19V 

WaBraa 13 4*> «V W* 

MtpTTdi 1211 MV M 

WMamttOB 9 941 38 3p* 

VMM. M BG8. 15V W 

VOSPS.OOa 30 104, MV 

VMfflTs 44 9 MBS 82V 2l 

WBsnF U 585 7% 7V 

Wtator M 286 BV 9V 

WImiO AO 86 41 IS MV 

Wotolm 44 • 8S «0V Kb 

WCY 8 A 472 11 V 11 V 

WOW 8426 2V d 17* 

Ptorno 40 KW39 17 18% 

Wyman JO 145 14% 13V 

V*V?a . 128M3 21V 20V 

X Y 2 

XOM* 402 11V 10V 

Xtoor W7SS6 73, TV 

XMw 2112 7% r% 

xytogto 6 148 9 SV 

UW8*f*.J2 A 40 MV 13V 13V- V Arm 34 361 87* a, 

USBep 60 • 887 22V 81V 21V- V .Yta«P6 42 If 2531 2»% 2V* 

UB HPP..M M46170 S'* S% SV flonUI 144 28 88% 26V 

US 9ur 40 18 3M 20% 28% 28 - % ZdwJwb 287 8 «% 

US' T|B ' 1.10 807 82V 31% 32% +1 Zpad MB 3V 8% 


28 -1 
12V" V 
1BV+ % 
1 $%- H 
25V- V 

15 - V 

10V- h 

16V —1 

23 -1 

3V " V 


19 -IV 



18% -1% 
»9i*- H 
»V- V 
MV- V 
MV- V 


MV- V 
11V + V 

wv— V 
13V- »« 
81 -* 

T‘ s 

8 V- V 
8 -1 
87V -SV 
26V- V 


r A\TT\A\T Chief price changes 

I A J IN ■ M I Ni (In panes unless otherwise indicated) 


Trees 13%% 



2003 £106 + 4 > 

Hectr Rentals _ 64 + 9 

039 + 2% Jaguar 279 +10 

Virgin Group. 110 +10 


Amersham Int! - 308 -62 

llcated) Ashley (Laura)-. 94 -12 

BOC Group 313 -17 

BPBInds., 244 -14 

Beecham Group. 404 -21 

£106 + 4%* Brit Aerospace- 278 -12 

64+9 CanriordRog— 105 -17 

279 +10 CommUnion 283 -20 

110 +10 Cowie(T) 73 -12 

Gr an ada Group, 241 -29 

ICI E10VU - % 

Beinw Benson _ 370 -35 

Uoyds Bank 228 -17 

LonandManch, 195 -10 
Morgan Grenfell 228 -IS 

PSOFeld 443 -25 

Plaxtons (GB) 133 -19 

Reuters B 454 -27 

Royal Insurance 385 -33 

Have your F.T. 
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Europe^ Biamesshfewspaper—r 

■ — — 


0 Financial Times Tuesday November 10 1987 


■ ? * 

HI* low 

25=g Mb 
3ft 17% 
27 10% 

10% 6% 
s’* a-* 

?/ at 

Mr. 1U E lOOt High 

*■ a 

27=2 _ . 
12% 6% 
73ij 34% 

If 9 

?*. r 

1ft 6% 

23% IPs 

3P ^ 

a a 

IV# 4% 

20=, 15% 


AAR 5 ® 20 19 77 1ft 
AFG ■ .10 .7 a 031 aft 
AGS B 13 272 IS?* 

AM tad 

AMR pf 2.67 TO 
ARX * 7 

ASA 36*0 


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- 1ft 

s a, 

1M2 % 

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«*% $ 1 % 
108 86% 
104 76 

96% 77 
Z7», 121* 
28'. 143. 





3ft 16 
30 IS. 

AcmeC .40 
AdaEx 330a 
AdtnMs 34 
AMD pi 1 M 

Adob 0(134 11. 
Adob pi 2.40 12. 
Adwst .12a 
Aatnli 3.78 
AfllPb • 32 

AliPrd 1 
AbbFrt 60 
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AlaP dpl.87 9.7 
AlaP pf 9 M 

AlaP p(9j44 S3 
AlaP pf£16 93 
AlaP p)&2B 10. 
AtskAfr .16 
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Alban s .48 

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43 Z7» 5% 

10 4619 351* 
al 29. 
303 71* 
1064 46% 
18 184 13=i 
2 217 5333 4 fir, 
12 171* 

4.010 191 ICO* 
43 25 12 71, 
19. 1® 1ft 

2.4 9 118 10% 

17 8*3 271, 

238S 10% 
0 31% 

194 5% 
102 16% 
4 IBS, 

1.4 8 181 6% 

36 7 2199 51% 
.7 7 701 49 

6.7 6 4399 15% 

90 2% 

3912 1075 33% 
49 7 292 17a 

18 132 11 

47 15% 

17 290 11-32 
21 9 
z 30 91 
105 96% 
zlO 63% 
zlOO 81 
13 17 979 13% 

1 0 IS IDS 16i a 

i.6 12 zn 15% 

1.9 15 1159 25% 


14. 9- 





92% 48% 
24% 4% 

201 , 6 % 
88% 45% 
34 16% 

49 31% 

103% 52 
19% 9% 
24% 141, 
44 15% 

481* 27 

3% 1% 

371, 6% 
10% 87, 
34% 23 
64% 32% 
32 14 

29% 11% 
47% 34 
41% 21% 
30% «% 
60 39 

341, 29% 
26% 17 
31% 20% 
25% 17% 
35% 26 
24% 9 
4% * 

57 29 

31% 171? 
40% 20% 
181, 6% 

Alcan * .4a 2j0 11 4389 23% 

AlcoS a 04 3.4 13 1062 W* 
AtexAlx 1 5.1 14 461 20% 

136 230 36% 
5 90 68 

639 0% 
6 91, 

19 50% 

a sob is 
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36 4979 721. 
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Algln pr 
Algl pfC 
AiflUidfi toa 
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AllenG 06 

Allan pM.75 11. 

AltsC pi 
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Alcoa 100 ZB 
AmxG n.0*a 2 

Amax 6 

Amax pf 3 74 

Andes. 30a 10 9 

ASrafc s.05e 

21'* 8% 

20 12 
34 23% 

11% 4% 
96% 62 

99% 74 
83% 547, 
20% W% 
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17% 12% 

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237, 14% 
10% 3% 

55 33 

68% 48% 
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357, 22% 
52% 491, 
53 497, 

257, 14% 
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82 75 

54% 29 
134% 1U% 
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37% 24% 
90% 57 
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221* 6% 
167, 7. 
35% 20% 

107, 3% 

34% 19% 
237, 9% 
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40% H, 
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12% 67, 
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101% 72 
29% 26% 
33% 26% 
41% 14% 
27% 17% 
38% 17 
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38% 10% 
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59 377, 

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47% 22% 
29% 13 
12% 47, 
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28 18% 
316 15% 
56 9 3918 33% 

360 1% 
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2306 167, 
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1492 257, 
3470 19% 
51 10 3405 44% 
ABrd pQ-75 64 158 30% 

ABkflU 90 51 12 12 18 

34 13 21 21% 

TO 91 21% 
15 27 271. 

94 7 160 10% 

24 0 

AEJPw 2.28a 57 9 2206128% 

AExp a .76 34 14 137300* 
AFarnl 8 44 24 11 Xl 18412% 

AGnCp 145 44 7 3051 32% 

AGnl *1 103 IIP* 

AHttP n142a 74 318 15% 

AHorit a 48 34 10 *4 27 

AHetM 250 8% 

AiHomfQJJ* 44 12 1841 71% 
Anvtc • 5 54 11 1670 87% 

AlrrtSr 40 4 12 3988 84% 

AMI .72 81 9 1227 12% 

APnead .69 14 8 x2*9 27% 







AC MR la 



AREA n la 
AELFI pB.19 
ASUp .40 9.7 

Amffld 1.90 54 9 

AmSW 44 
AStr p(A448 84 
A8tf PIB5BQ 12 

186 18% 
269 14% 
14 167, 

81 4% 

774 38% 
1415 191 81% 
8 65 

105 58% 

AT ST 140 -4421 1810729% 
ATST pBM 74 3 60% 

AT*T pO.74 7.4 1 50»« 

AraWtrs44 44 8 129 18% 

AmHofl 407 8% 

ATr pr 847 74 2 79% 

ATr ac 1 36% 

ATr un 527 5* 2 118 

AmaronM 35 7 48 27% 

AmstaWO 4 17 4859 107, 
Anwtsk 1 34 14 225 25% 

AmovSft® 15 49 10% 

AiMac 334 277, 

Aratac pH4B 57 S3 2B1, 
Amoco 340 44 15 5U1 68% 

AMP - 40 2021 2227 49s 
Ampco 40 28 51 12% 

62 8% . 
11 344 8 
50 7 117 23% 

19 1428 5% 
14 737 24% 

27 787 10% 
5 12 182 17% 
34 12 44 22% 

Anp)Cra142 ULUS 81 12% 

Anheu*40 20 IS 5016 30 
25 659 9% 
44 6 474 9% 

3.7 342 7% 

V4. 82* 5<* 


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24% 2*% -% 
14% U% -% 
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87. 87, -1* 

45% 487* +1% 
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10 10% -% 
31% 31% -% 
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19% 19% + % 

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50% 50% -lb 
47 47% “21, 

16% 15% ~h 
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32% 33% -% 
11% 121* -1* 
10% 10% -% 
15% 15% 

11-32 11-32 
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90 91 +1% 

95% 95% +1 
83% 63% +1% 

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147, IS -% 
25 25% +% 

22% 23% — 1% 
18% 19 +% 


36% 36% +% 
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17% 17% -% 
37% 37% -% 
71 71% -% 

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26% 27% +% 
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18% 187, +% 
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39% 39% +% 
247, 25 -1% 

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*v ?£• ♦S 

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21 21 % +% 
20% 21 “% 
28% 271* +% 
10% 10% -% 
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37% 37% -2 
257, 25% -% 
23% 2* -1 

11% 12 -% 
31% 31% -% 
9% 9% -% 

147, 15% 

28% 27 + % 

6% 6% -1* 
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851, 85% “17, 
621* 631* 

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161, 18 “% 

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59 59 -2% 

63% 83% -1% 


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50% 50% -% 

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79% 79% -% 



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AmStti t.16 
Anadrk -30 
AndiO* SB 
AngeUc .72 

118 116" +1 
27% 27% +% 

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271* 21% +1* 
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87% 67% -1% 
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51* 5% -%^ 
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39% 18 
34% 13% 


ApcP un .70 
ApPw (4512 15 

ApPw pOJX 15 
ApPw pM.18 IS. 29 28% 

AppIMB 12 363 23% 

ArdiDMCb J8 11 803* 18% 
ArcoCA20e .9 1422 23% 

AriAC nJEa 1.7 9 828 21% 

ArkBat JX 52 » 215 11% 
ArUa IS* 59 15 120618% 
Arfcla pi 3 7.7 35 38% 

Armada 31 4 9% 

Armen 6 1221 9% 

Armc P&10 55 
Armc p(4J0 12. 

ArrnWl M 
Anrtek M 
ArowE 30i 
ArmEpn.94 Ql 


29% 29% . 

9 9-% 

9% «% “% 

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80% 80% -2 
28% 26% +% 
28% 28% 

21 % 22 % - 1 % 

17% rr» 


4 22% 

12 39% 

559 443427% 

2-7 8 387 16 

147 57, 
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204 W% 

fl 16 7 1310 18% 

71% «% 


23% 10% 

41% 30 
99% 87 





28% 11% 
27% 10 

ASM 0U1 80 
AUFUch 4 

5*% 32% 
8 3% 

25% 13 

29% 15% 
39% 18% 
38% 19% 
371, W 

20% 13% 
97, 3% 

33% 23% 
42% 25% 
27% 11% 

67 36% 

28 17 

48% 27% 
37% »% 
377, « 

29% 17% 
25 16% 

55% 41 
1 1 
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52-, «a 
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457, 25% 
16 5% 

37% 26 
65 48 

107, 6% 

8 332223% 

55 12 786 51% 

551 4% d 

8 2 7% 

15 108 10% 

50 10 98 33% 

57 13 8003 70% 

71 51 32% 

9 683 3% 

.40 2.8 29 634 18 

Anshnl J 2 28 7 587 12% 

AutoOi .** 1.1 21 1*84 39% 

Avalon 20a 4.1 44 37 47, 

AVMC a -26 1.6 10 72 17% 

A vary i 42 28 12 4454 187, 

Avnal -SO 20 28 4055 25% 
Avon 2 8.4 11 2871 24% 
Aydln 9 U6 «% 

0 B B 

BET n J57e 59 18 14% 

BMC 42 6 

BRE 240 8 611 49 28 

BtJroCOBO 32 9 SO 25% 

BkrHu n.46 31 2900 147, 

BfcrH pO50 50 43 44 

Bakfer M 2517 4 19 

Ball 9829 U 109 33% 

BallyM120 14 9 199 14% 

59 9 1929 32% 

4.0 12 881 23% 

19 105 19% 

9 4 42% 

12 1 

608 2 

1.4 13 225 48% 

U12 3006 22% 

1 47% 


21 % 21 % 

20% 21% -7, 
11 11 % 

18 18% -% 
38 387, +1 

9 9-% 

S% 9% — % 
22 % 22 % -% 
38% 38% -% 
25% 26% -2% 
17% 17% -% 
5% 5% -% 

14% 14% 

413% 14% -1 
«% «% -% 
22% 23% +1* 
«% 50% -% 
1*2 ^7 

7% 7% -% 

<110% 10% -% 
33% 33% +% 
60 89% -2% 

31 321, +1% 

3% “% 
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12 12 % -% 
361, 387, -1% 

r/ ft .% 

23% 237, -% 
S% 16% -% 


BabOGI 90 

BSant n 
BanTx n 
Bandgs .70 

BtHlW 1 

BkB pl8393e50 
BAB pX».62e53 

BUTT '160 58 11 403 32% 

8nkAm 4008 67, 

BkA pKUBa XL 231 27% 

BkA pl 8*12. 17 49 

BkA pr 266 404 6% « 

M% 14% -1* 
47, 47, “% 

27% 28 +% 

14% ft “% 

ft ft “%* 

32% 33 -% 

14% 14% -% 
32 32t, -% 

22% 227, -% 
42% 42% 

1 1 

1% 1% “% 
49 49% +1 

22 221* -% 
447% 47% -% 
94 94 +2 

30% 31 -2 

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55% 27 
27% 14% 
<2% 2B% 
50% 25 
40% 29% 
41% 271* 
20 % 11 % 
10% 3% 
297, it% 
43% 30% 
29i* 15% 

507, 45% 

S3 61 
28% 16% 
30% 19% 
227, a 
52% 4614 
437, 30% 
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15-18 532 


75% 35% 
7B% 60% 

23% 127, 

44% 20% 
771* 42% 
42 25% 

74% 28% 
34i, 24 












Stack 0%. YU. E M 

Banner 66 A 8 

BaiUajlJaa 5*6 

Bartf M 1.4 IS 
BamC|f60 40 12 

Bamaia 62 519 

BrnyWrOO &1 14 


BaUMts 24 

Beuach 08 24 13 

Baxter .44 20 19 

Bax p»2088«2 
Bax ptB5» 4.7 
Bayfin 20 1.1 

BaySKR® 6.7 8 

BaarSt ,48b 46 5 

BaerS pl2.11* 4.7 

Bearing 1 52 17 

Bacor .09 

Bacffik .74 1.4 18 



BddnH .40 16 10 

BalHwl .82 10 11 

BeriAO 364 5.4 11 

BCE g 240 7 

Baltai a 66 21 21 

B«HSos2-2D 56 12 

BelaAH .80 1.6 14 

Beads .72 24 14 

BanfCp 2 40 


On Pm. 
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30% 30% -1% 
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81 31 -% 

32 331, —7, 

30 30i* -% 

29% 29% -1% 

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3% 3% +% 
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47% <7% 



1836 31% 

322 14% 

18 31 

932 33% 

14 30% 

1383 30% 

80 11% 

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2847 14% 

787 36% 

6212 22% 

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1864 11% 11% 11% -% 

d45 45 -1% 

31% 31% “1 

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2067 92% 
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23*7 71% 
217 27% 
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4838 38% 
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x71 31% 
1316 431* 

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28% 13 
35% 18% 

33>* 20 
101, 4% 
54% 3* 
86% 48 
681, 48 
29% 11% 
631, 30 
24 11% 

18% 10% 
28 18% 
103 84% 

17 15% 

44% 22 

95% 26% 
37% 221, 
32% 20% 
80% 38% 
21 6% 
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55% 27% 
11% 4% 



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26% 18% 



30(* 13% 

44% 21 
261* 17% 

41% 19% 
23% 17% 
21% 13% 
34% 12 
84% 40 
9% 8>* 

20 % 10 % 

2281* 1261* 
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68% 47% 

2% 11-18 
32% 12% 
20 10 % 
66% 47 
14% 9>* 
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58% 28 
35% 22% 
24% 18% 
21% 14 
17 9% 

413* 22% 
33% 17% 
15% 71. 
49% 25% 
35% 10% 
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40 18% 

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450 283% 
861, 24% 
36% 24% 
11% 5% 
42% 17% 
42% 30% 
93% 291, 
B% 3 
54% 32% 
19 8% 

751, 24 
20% 9% 
18% 11 
28% 12 
27 14% 

29 S% 
74% 37% 
10% 5% 
50% 33% 
241, 147, 
37% 15% 
40% 27 
32% 20% 

SP ft 
5* ft 

7% 1% 

27% 14% 
21% 17% 
46% 25 
44% 23% 
18% 71, 
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4814 28 
96% 45 
531* 48% 
21% 4 

34% W* 
44% 25% 


6 2% 
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36% 19% 

a a* 

156% 119 
76% 41 
89 2* 

W% S% 

1^ 5 

46 22 

73% 51% 
14% .5 

ft ft 

ft s % 

55 42 

1031, 84% 

89 95% 

W3% 02% 
35 15 

15% 9% 
18% 7 
41% 17 
»% 18% 
88% 31% 
34% iy, 

90 74% 

103% W% 
9% 3 

13% 3 
35% 171* 
16% 7% 
9% 4% 

21% 0 

20 % 10 % 

91 64 

93% 67 

» 23b 

29% 11 
1*7, 7% 

9 4% 


40% 20% 
38% 2*% 
53% 29 
21% «% 
12% 41* 
43% 38% 
52% 28 
23% W, 






14% 5% 


45% 25% 
38% 12 
3<% 17 
22% M% 
IS 6% 
38 25% 

23% «% 
24% 171* 
115% TQ2 
26% 24 
29% 25% 
98 70% 

86 63 

43% 231, 

Bovrty 20 2-2 

Stock 18 

BtachD 40 2422 

BDcHC xl.20 55 11 


BluClipn.lla 15 
Boeing 1.40 45 10 

BotS*C150 3211 
Boise p(C350 7.0 
SaKSra 58 A 
Boidant28 25 13 
Bormns 23 1.6 7 

BGeksn125e 10 
Bea£d152 9.1 8 
BoaE p«58 TO. 
BcbE prl46 95 
Bowur 50 32 M 

BrfgSt 1.80 85 18 

BrtaCM Si 40 35 16 
BrtiAIr .78 34 

BGaMpp.75a 34 7 
BrltPT 278* 54 10 

BrM> wt 
BrtPt pp 

Bridal 159a 42 18 

Brock n 17 

Brack pf 

Brckw a 56 25 17 

BHP n .43a 23 75 9 
BwnSh 40 25 

BnmG05O 4 7 13 

BnmFs40 15 22 
Brflwk s 50 159 

BmhWI 50 25 21 

Buckeya220 11.8 
Bundy 52a 35 11 

BunfcrtC.16 11. 
BKbnr 159 12 11 

Burtna 10 

BrlWh 220 27 13 

BMNo p(55 853 
Burrtoy 13 

c c 

CH In 50 35 29 

CM of 

CBS 315 18. 


CIQMA250 52 7 
aa pl 4.10 95 


fSST n 11 

CMS En 9 

CMA Fn 11 

CNAI 154 11. 
CNW 11 

CNW p(212 92 
CPC s 124 34 B 
CP IM15B 86 9 
CRUM 3* 15.8 

CRf l| 1*451*27. 7* 
CR3S m 54 20 Q 
CSX 1.18 45 10 
CIS 502520 
C 3 Inc 14 

Cabal 52 29 31 
Caesar 12 

CafflPn 1 H 
Ca)Fadl50 45 4 
CaHE 58 12 

CaflM- 50 '• 15 38 
OaUnato4» 14 12 
Cation 3. 

Camral .04 5 

Cmpng • : 1 
Camspl.66 29 13' 
CdnPac.60 17 


CaoCJts20 .1 22 
CapHId 58 34 7 

CariM«.l2 45 12 
Carol Pn 114 

CaraR 50 25 12 

CarPw 278 85 8 

carrac2io 37 ei 
Cargkin.10* 24 9 
Carter .70 15 

Caraf n 7 

CarfWta 54 15 14 

CanBciL2Sr 15 5 
CaacNQ28 37 25 
CaauCk M 

CC8C pl 50 45 
Caayat 11 

Catarp 50 5174 

Cadrf n155a 13 
Cental al . 72 4,7 21 

CentErCSS 18 5 
Centex 25 15 W 

CanSo«2B 74 6 
CanHu856 13 6 
CnMPS 1.72 75 12 

CnUE£20 88 0 
Ca M PM AO 95 10 
CWS 1.90 84 


CmryTI 56 4.610 

Cenvlll 220 12 8 

Crt-teed 1 356 

ClMnpln50 257 
ChamSp 18 

ChariC 3 

Cbasa 216 7.7 
Cltaaa p(S2S 18 
Chu pQ.93a 81 
Chaw 7 

OMaaa.72 31 10 
CbacmCBO 55 7 
ChmffQ.72 95 
ChNY B58a 32 
CNY (PC 58a 84 
CUNY pM.ISe 80 
CMNSI nO*a 5 31 
Chapk .48 30U 
ChevnOAQ 82 19 
ChUflw 9 

ChJM pl 

ChtPac 50 .7 10 

ChkPBll2*t 80 48 
ChrtsCs.471 32M 


Chrya a 1 81 4 

Chubb 158 32 8 

ChureMS 7.4 » 
Chyron .14 25 17 

C8corp254 70 TO 
OnSet a 58 82 12 

CktOE 220 958 

ClnQ pl * TO. 
OnG p*47S 11. 
CtaQ pl9a 11. 
CinG pf 7 44 11. 
CfaG pl92B 11. 
ClnUII .72 88 18 

ClnaOdi 10 

ClrdaK 28 30 11 

ClrCty 56 4 11 

Clrcwa 16 

CWcrp 270 85 

CWcp «t 
CNcp pl 8a 75 
Ofcp pCA7a 75 
Qatar .72 TO. 

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CtvQ pf 2 11. 
CtvEI pf7.40 11. 
Che pf756 11. 
Ctoraas M 3312 
CiubMd a 1.7 8 

CoadinUO 52 31 


CoartSOOe 244 
Caaad a 40 1.6 9 

CsU pl 211 7.7 
CocaCII.12 25 14 
CocCfa-fla* .4 28 

CatomriJO 80 12 
CataPal48 87 81 
CtaFds .10 1.4 11 

CoMun50a 87 
C«R ft 6 

Ce»as2ie 7.9 17 
CtaCa pf5*8 TO. 
CakimS2B 37 2 
CoiSa p I 

CSP pl 346 13 
Cm&En 1 3521 

ComdlaJO 15 7 
CmcCrifi* 14 82 
CntUtfs 52 2114 

Cemdre 12 

CmwE 3 TO 6 
OE pr 140 TO 
O-e pr 2 10. 
CwE (911.70 11. 
CwE pr 2-37 37 
CwE pf 267 11. 
CwE pl 340 11. 
OwE pr 724 11. 
CoaiEaLM 380 


2031 12% 

a 34 % 

102 17% 
3833 8% 
33 IS* 
337 18% 
1078 17% 
121 231* 
1492 23% 
85 61* 
39*2 35% 
713 58% 
11 SO 
183 IS 
1522 457, 
xlS 14 
S3 12% 
263 201, 
2750 98% 
1 15% 

1477 25% 
29S 271* 
8401 407, 
20 22% 
206 22% 
940 517, 
374 7% 
5905 16% 
35 38 
65 6% 

27 % 
542 467, 
22 19% 

68 22 % 

5 17% 
164 33 
2826 24% 
560 26 
1® 21 

06 25% 

29 . 20*4 
80 15% 

44 18% 

2188 61% 
8% d 

21 12 % 


388 20 
SO 40 



21 21 -% 
59% 81 +5% 

70% 70% -1% 
27% 27% 

13 13% +% 

39 39% -% 

a s: 

41% 41% -17, 
25% 2Si, +1 
31* 3% +% 

31* -% 

8% +% 

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33% 34 -% 

18% 17 -7, 

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18% 18% -T* 
17% 177, -% 
161* 18% -1 
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22% 23 -% 

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57% 58i, -1 
48% 50 -% 

14 14% ■*% 
45% 451* -l\; 
13% 13% -% 
11 % 12 % +% 
19% .29 +% 
88% 88t, 

15% 15% 

24% 24% -1% 





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22% 22% — % 
22 % 22 % - 1 % 
50% 51% 

7% 7% -% 

1S7, 157, -% 
37% 87% -% 
8% 5% 

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477, 487, +% 
197, 19 -% 

217, a 21* +i* 























































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Conesai ■ 
Csnac pfl 

f! 8b 

Dnr. YU. E 1D0» WQli 

CrawMl la TO 1ft Ih 
44 *18 25% 

16 711 23% 
IS 4340 53% 
27 16 11 22 
30 1980 28% 
12 439 T0% 
21 465 50% 
£ 14 240 9% 
15 1338 8% 
ConAo* 47 26 14 1264 26% 
Conr£ 146 M TO 14 20 
6.1 12 66 16% 
6 209 13b 

25 21% 

88 0 3S0O45 

ConE pl 5 9.4 11 53% 

CnaFtt JO 24 1# 746 29 
ConsNQJO 4.2 18 994 37% 
CnraB iL29e 18 11 4658 28% 
CnStar 11 1141 

Con* 84 *3 13 WO 15% 

OrP p®4.S0 TO Z116 45 
CnP p(D746 11. 

CnP PC7.72 II. 

CnP pKS7.76 11. 

CnP prU380 12. 

CnP pfHTee 11. 

CnP (ML2J3 68 
CnP prK2A3 63 
Contel 2 7.1 1.1 x272«B% 

QraCp 280 8.4 9 5704 41% 

Con« 89a 2.1 1045 3% 


Cntltnfo 7 



CnvHdpHJBa 12. 


On 7m 

26% a* -% 

22% 23 -% 

S’* ^ 

22 22 -% 

a*% w% 

ft ft 

24% S, -1% 
W, 20 +% 
19% 16% +% 
19 13 -% 

531* 531* -% 

zT20 70% 
>640 70% 
M7 30% 
11 u2B% 
13 261* 

Cooper 1.BB 
CoprTr .44 

1187 M* 
91 67, 
2619 23% 
160 A* 
150 4% 
TOD 10% 
253 % 
48 1 840 9% 

38 U BBS 49 
7 24% 

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13$* 47 

1387, ft 

ft ft 

14% 5 
94% 431* 
68% 37 

«b «% 


18 9 

32 55 7% 
Cpwid pTO49 11. 1 22% 

Corato .84 &0 TO 98 10% 

Coma 1.40 38 13 1578 47% 

CorSta 84 33 11 222 267, 

CTF .13a 28 SB 5% 
CreCnlJBr 43 6 397 6% 

CntrMtl86a TO 5 208 8% 
7 20 12% 

35% 36 -2% 
24% S -17, 
3% 37, -% 

15 16. -% 

44 44 

70 70% 

70 70 

70% 70% +1 
30 90% 

89% 70 +% 

28 28 +% 
26% 26% 

27% 281* 

40% 40% -1 
2», TO, -% 

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6% 97, -l* 

22 % 22 %. - 1 % 

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81 8 


17% 8% 
10 4% 
431? 30 
35% 25% 
26 201* 
307, 22% 
76% 60 

GttSOi 29* 
Grume 1 
Gram pC® 
Guttrd ® 


G8U pIB 
GSU pfD 
GSU pril 
GSU prM 
gsu pro 



27% 17% 
«% 4 
«% 20% 
30% 14% 
20% 11% 
18 12% 
26% 16% 

ft ft 

a 13% 
29 15% 

33 23% 

54% 32 
16 9 

13% 3% 
11% S% 

3«» W% 
25% 71, 

me 1. 
HallFB 1) 
HattM 1 
HanFbn AO 
HanJS i.47a 
HanJI 1.U* 
HandH ® 
Hama AO 
Hanna pC.13 
Hanfrd ® 


H H 






42% ft 

ft a* 
34% 20% 

21% 13% 
9*% ft 
« W* 

3»b ft 
21 ’b 
S 2^1 

35% 13 
51% 33% 
4 1*4 3<% 
36% 18 
IV, 7% 
73% 40 
37% 20% 

ft ft 

ft 32 

241, 12% 

10% 9% 
ft 8% 
10>, w 
31% ft 
12% 6 
01% 56 
54% 23 

37 11% 
51% 30% 
111 62 
28 11% 

38 24% 
247, 10% 
34% « 
ft 23% 
13% 4% 
12% 5 

Hama ® 

Henna 1 
House 1® 
HawB 192 


Helllg 92 


88 10 TO2 TO% 
49 486 15% 

22 23 138 18% 
87 43 26 

1.6 14 41 S3 
1 A 11 2307 tl 

3387 6% 
HarSJ pn.QSt 28 64 8% 

Hartndt® 1919 854 22 
S 460 14% 
39 1TO6 16% 
8612 940 25% 
3913 102028% 
49 13 500 217, 
T0 11 32 18% 

7.1 » 402 27% 
13. 170 8% 

BJ M 72 25% 
81 2% 

A 71 1075 12% . 
12 23 38 ft 

82 11 468 14% 

1® 82 IS 2801ft 
HafnaC 90 19 7 46 24% 

2227 x362TO% 
534 97, 
49 3 5602 43% 
2J 15 1320 ft 
9 22 M2ft 
19 13 58 34% 
39 TO TO 13% 

an 97, 

2919 133 ft 
112 10% 
1918 248 22% 
88 B% 

2.7 15 246 67% 

19 749 27% 

9 397 95% 

833 21% 
748 307, 
19 13 58 75% 

18 1160 (7% 
743 24% 
783 13% 
50 21% 
1997 20% 
135 6% 

6 fi% 


ft 21 * ■*■% 
TO% ft -% 
ft ft +% 
ft ft 

24% 24% -1 

ft 2S» “> 

10% W% -T 





HatmP AO 



Hrahm 42 


Hexcel ® 


KVoH 20 
HiYtd n 

HHnbdt OS 
HilIDp n 
HI ten 1® 
H taint n94e 

Hoi kty n 


Hoftyfi 1 
HmeO E 
HmeGp 20 
Hmatke 20 
HmstF* 20 



9 S 
19 3 

J 29 
49 2 
17 2 

13% 14% -% 
25% 25% —1 
TO TO -% 
21% 21», 

Si 9* 

*% «%“% 

9 9~> 

ft ft ** 


dftft -V,; 
18% 18% -1% 
• V, +% 
42% 42% -1% 
24% Ml* -1% 
48% TO -1% 

ft 33% -1%; 

13 131* *% 

» ■%.-% 
10 -% 
TO 10% +% 
22% 22% +% 
8% 8% -% 
86% 88% -1% 
25% ft -21* 
84% 8*7, -2J* 

ft 25 -** 

<09% 30% 

72 75% +3 

ft ft -b 

<033*23% -1 
13% 13% 

21 21 % -% 
27% TO; .+% 
57, 5% 

5% 6% +% 


M# law 

1ft 72 
90% TO 
ft 9 
65% ft 
8% 2% 
9 3 

80 ft 
25 % 11 % 
41% 21% 
177, «7, 

BZ% S% 
123 68 

ft ft 


Stack Ba. YU. £ 
Honda Jit 9 10 
Horwafl 2 89 

HeprSaESe U 
HrznMJD £813 

M% 7% 
29b ft 
ft ft 







ft 11% 
41% 22% 
15% 8 
30 5% 

ft ft 
ft M% 

26 IT* 

86% 45 
108% 85 
88 62% 
ft 12 
30% TO 
5% 1% 

31% 21% 
28% TO 
V% ft 

49% 36 

45% 80 
51% 46 
51% 37 
48 as 

Si 3 

100% 581* 
10% 8% 
24 11% 

88 % 81 % 
ft 18% 

27 ft 

35% ft 
45% 217, 
ft 10 
35% 17 
54 45 

66 43 

ft M% 
W% 3% 
ft «% 
44% ft 
9% Mi 
171, 0% 
24% 17% 
64 31 

56 34 

21% B% 
24% 15% 
176% 102 
98 38% 

53 25% 

87 46 

HCA .72 21 17 
HoHta a 2 TO TO 
HoegM 02 27 15 

HouFab.48 49 11 
HousftO 2 497 

HaW p«25 «A 
Hoidi«i2J8 0A8. 
HauOfLIM 99 
HonKp 92 3925 

Huffy ® £911 
HugfaSpAO 19 TO 
Human ® 3911 

Hunttf# - 
HaSEF ® 4.1 

Hydralal® 89 10 

I i 

TOP n 

C kid ®L0 18 
ICtl ■ l®e 17. TO 

TO tad 20289 9 

MAta 1® 10. 

FTtat 0272, 14. 8 
TOT 1® 89 13 
ITT Cp 1 2011. 

ITT plO 560 
ITT plN2® 27 
» W. 90 49 19 
SdahePI® 11 M 


IflfeHE* law 
308 87% 87 
801 57% 56% 

30 10% 10% 

49 87% 57 

54 3 27, 

40 37, 3% 

1964 34 3Z% 

170 15% 15 
7M ft 22% 
78 12% 11% 
398 45% 43% 
4 SB 88 
*2*3031. . 30% 
x85 2% 

7 81* 

14 181 

IBB 221 
2102 20% ft 
179 19% ft 
4180 22% 21% 

31 ft ft 

+ % 
+ % 






Oaa hat 
QaM Gksa 

87% -2% 
SIB* -1 
10% +ti 
















8Pow ptt.10 
OFow pttJI 
HPOW (84.12 
URoer pQ® 
HPow pO®e 
RPcrw pR47 
nPow pl 4 

GA • JO 
WCO 20 

IndM pf7® 
IhdM pS.15 
IncSU pP 70 
tacBBr 2® 

inwso ®) 
InldSl (44.75 
must (4SJZ 

’ ' 1 









1A 14 
29 IS 
49 n 

89 8 
39 15 
. 14 

0L1 10 

57% 27 

27% r 

45% 28% tatpbG 
40% 18% MBkr 

30 ^ 

P % 

ft 17% 

ft ft 
18% 9 
79 37% 

13% ft 








ft 7ft 
26% ft 
19% 8% 
MS% 65 
40 20% 

14% ft 
11-M % 



ft 8% 
27% 15% 

ft 21% 
23 % 12 % 
ft 7%. 
11% S% 

£■ « 

31% 21 

Z7% 30 

a% 2i 

79% a 
21 12% 
25% 18 
30% 20 
21% ft 
21 ft 
ft 9 
24% 9% 
68% ft 
41 15 

3ft 20 
ft 15 
15% ft 
24% 15 

*8% a 

31 18% 

a «% 

67% 2ft 

a a 


ft n% 
34 21% 

Si SL 

S’ 2ft 

37% 31% 
841* 38 

3 f 12 

BB% 48 
22 % 10 % 

trdgRao 11 

InigR pM 25 12. 
Inttog 8 

MRFri . 5 

acpSe 2.10 11. 

(rHeraot® 4.4 10 
task a 1® 39 10 
Mrmda 32 

IntAhi ® 499 . 

IBM 4A0 3-7 W 
bnFtowIM 80 15 
talMia 1 2.7 

total (4A3-75 7.1 
taOkdll. IS 4.7 M 
MPapal® 14 10 
taffc 8 
IT Crp 

IctpbG ® 24 14 


InddPwl® 89 15 
toCBac .40 62 15 

towriQ SO* 8.7 6 
towaftad J4 52 10 
Ipelco 1® 70 8 

ipaoCp ® 3964 

kvQnk 224 49 95 

Italy nlA4a 21. 

«1 J 

JP tad 11 

JWP a 10 

JnckpoLIO 1.1 13 
Jfflvar AO 1911 
JRvr pis® 99 
JRvr pf390 aO 
Janawa® 12 8 
JofIPI - 1 JO 417 
JarC pl &12 TO 

JerC pl £18 HL 

Jwfer 6 

Jonrum® 29 17 
2a£n*l® 3.7 13 

JhnCRrL70 18. 42 
JhCR wt 
Jargon 1 49 

Jaatan ® as 14 

K K 

KOI ® £77 
KLM J5e 52 
Knrrt a 1.18 40 10 
KN Eng 179 13 

KanbEdAO 28. 
Kaoetr • ’■ 


KOyPI224 ’ 89 TO 
KCPL pp® m 
KCPL (*£33 HI. 
KCSou 1® £5356 

KCSo pl 1 7.1 
KenGElAB 75 10 
KenPLal® £7 10 
Katyln 13 

KaulBH® £4 6 

KauJB a 30. £7 0 
KayJwa AO 29 18 
KaMogtf® £5 18 
Kakads® 39 8 
Kanmt 1 3918 

xyun «r® 70 12 

KarrGI A4 4.4 18 
Kara pfl .70 99 
KerrMcl.W 32 21 
Keycp 1.12 827 

KaysCo 12 

KayW SZ 3024 
IGOda jBO) M 
KtmbCelAt 29 15 

KBAoan®* 1£ 
Knghtftta £6 15 
Koogo ® £49 

Kogar 250 11. 44 

Kdmcr J2 £8 
Koparal® 30 16 
Kopr pf 4 £8 
Korea 1.44a 30 

KraB 1® 4.1 14 
Kroger 1® 40 14 

Kuhlm Am 
KyocarOBe 9 TO 
Kyaar a 52 3-18 



350 15 
1997 ft 291* 
237 ft 9 
1245 6% ft 
WI 23% 23% 
34 16% 1ft 

348 1B% 18% 
45 13% 15 
780750% 48% 

3 .84 d84 

22 61% <01 

004 ft TO 

1322 22% 22% 
675 2% 2% 

1t30 24 23% 

*0 21% 21% 
z130 21% 21% 
Ztt»MO% 39 
Z300 39 35% 

1 SO BO 

Z410 40' ®% 

15 3ft 35% 
«H 30% 281, 
158 25 25% 

2134 727, 71 
296 W% 1ft 
33*9 15 - M% 
zlO 70 70 

22 217, 21% 

4 ft 22% 
12 28 2S% 

2586 31% 29 
17 12% 13% 

Be ft 22% 

24 47% 47% 

144 47 46% 

239 16% 18 
2715 ft ~ 
818 20 
x2S ft 94% 
208 ft 3% 
51 8% 8% 

» 20% 19% 

MBS 3ft ft 
309 37% 37 
150 16% 14 
17 17% 17% 

19999119% 118 
831 42% 41 
1160 37% 38% 

2 ft 52% 

£95 ft 95 
6U0® 34% 

«2 ft 5% 
13287% 7% 

653 28 27% 

62 19% 1ft 

26 ft 23% 
190 7% 7% 

7B 37% 38% 

84 ft 1ft 
371 ft ft 
1C 1ft 1ft 
686 50% 49% 
126 7% 6% 


90 13% 131* 
660 16% 15 
20 ft 8% 
E061 21% IB 
115 36% 39 
33 3S% 39 

2165 7 8% 

729 29% 26% 
zTOO 78% 78% 
10 21% ft 

62 14% 13% 

6099 76% 72% 
912 28% -ft 
65 10% 10% 

8 % V 

6 22 22 
SB* 17% 15% 


115 11% 1ft 
933 15% d14 
6106 29% 26% 
39 13% 12% 

TOM 9% . ft 
65 »% 9 

89072-- 7% 
*490 36 "' 35 

55V Jft 
* 21% 21% 
12 ft 22% 
161 44 42% 

ZlOO U 14 
260 19% 19% 
398- 34% 24% 
88 13% 13% 

88* 8% 8% 
1303 121* 11% 
31 Ml, M 
1284 54% 52% 
291 19% 181, 
381 ft 29% 
£99 M% 18% 
304 10% 10 

3 17% 17% 

1874 31% 32 
298 22% 21% 
33 18 18 

7® 15 14% 

528 S3 62% 
1910 52% 3ft 
747 18 16% 

123 81? 6 

1078 38% ft 
178 13% 12% 
128 ft ft 
308 IS 12 
3« 34% 33% 
ZtOO 41 .641 

229 48% 47 
4313 461* 45% 
898 26% 28% 

25 8 77, 

W 68 68% 

115 16% 18% 

14 -1% 

ft -b 

9U +> 

2 L “J* 

23% -1* 
ft "I 

15 -% 
48% “2 
84 -J 
61% -1 
»!* ~U 


21% +% 
21% +% 
*0% +% 

60 -1 
40 -»l 

36 - 




ft +% 
ft +% 

297, -1% 
12% +% 
221, -1% 
ft . 


» +\ 

3% -% 


ift -% 
» -% 
37% -% 


*71* -% 
118% -1% 
41 -1% 

ft -% 

52% -1% 

35% -1% 

s =s 

ft -i 

ft +% 





21 -% 
38 -% 

8% "% 
29 -% 

21% -% 


28% +% 
10% -% 

22 ~% 
ft -% 


S' -% 

9% -% 

i% -% 
» +cr 
ft *% 
£1% +% 
22% -% 
43 -1% 

14 -% 



IS, -% 

M -1 
84% -% 
M% -% 

17% +% 
84% -1* 

ft “% 
83 +% 

S1% -7 
16% -1% 
8% +% 
39 -% 

12% -V, 

ft -% 
121* -% 

*L -H 

ft -% 


ft +% 

£343 13% 


o% -% 

L L L 



NYS pM209e&2 

3 24% 


®% +% 7; .. . 

666 36% 

36% +2 

15% 6 

LAC a .10 687 







NYS pl £12 


29 21% 



11 » 


25 -% 

ft ft 

LN HdJIa 9010 IS 







t&weU .64 

£1 11 

1® 27 



+b " 

3784 37% 


36% -2% 

HP, 7 

LLE fbfIBe TO 221 









11 261* 



3376 14% 


14% -% 

S% 1% 

•LTV 1524 ft 







£4 18 

171 33% 


33% +% - • ■ 

66 21% 

21% ft +% 

18 ft 

vJLTVA £4 3 









40 ft 



+% ; ; 

181 ft 


TO -% 

27 10% 

•JLTV pl 1 





ft • 



9.1 17 

21 6% 



-% 1 5 

4086 25% 


24% -% 

B ft 

vjLTV pffi 25 







2 41 

437 31 



-% ■: 

2810 53 


57 -ft 

27% ft 

LTV pC 6 







NwtM a.60a 

10 10 

770 337, 



+% ■ < ... 

231 9% 


8% -l* 

T 17, 

LTV ptD 26 


3 ■ 






197 14% 



-% r • - 

129 7 


67, -% 

32% 18% 

LVI pl 206 11. 45 







NtaMP 1® 

£0 M 

20TO 13% 



266 9% 



14% TO 

LQutot 43 1369 10% 








Z30 30% 

30% 30% 

-i ’ 

92 4% 


4% +% 

ft 11% 

LQumt 2 16, 163 




+ % 

3ft 31 



*700 33 



-1 ; . . 

345 22% 


ft +% 

40% 271* 

LadGx £10 80 9 163 












» -» 1- 

33 26% 


25 -i. 

16% 0% 

Letaro*® £2 0 ISC 





53% 43% 



zl 10048 



1® 25 

ft 24% -% 

ft ft 

LamSea *12 









*300 51% 



230 ft 


ft -| 

ft a% 

LndBne® 4011 84 





87% 65 



zITO 57 



249 11 


ft -% 

207, 11% 

Lawtint® 40 16 1S6 





23 22% 

NtaM (X 

600 23 



+% : - . 

2350 6 


s b -% 


LaarPt 335 







WaM pH.78e 


1 20% 

20% 20% +% • . r r. 

*350 30 


ft «% 

LeerP pf 36 









ZlOO 71% 



22 ft 


ft -% 

2ft «% 

LearM s SO 3.5 13 56 








122 14% 


141* +% • - ' 

33 207, 



ft so 

LaeCnt JBO 2A 15 06 








837 5% 

. ' 1 •. 

22 33 



24% 10% 

l agflrta?? £0 6 210 









96 16% 



ZlOO 62 


62 +1 

W| “ 

IA0WSB £3 10 12 









733 23% 


+ % - 

m m 

TO 11% 

Lento*®# 5S 425 








71 SB 11% 

+ V ‘ w - 


35% 1ft 

Lenoer ® 10 6 235 





21 % 



312 61* 


37S 19% 



13% 4% 

L**B=ay 7 194 




381* 21% 



4003 23% 



2* J% 



^ 2* 

LoucNto 3 17 







Norsk 07e 


994 25 



-ft i* :. 


ft ft TTft 

LMyAS03a TO 654 




35*, 21% 

Nan* 1® 

£7 6 

176 75 



-% - 

88. 17% 

25 15 

S3 32% 

UMyCp® 20 14 24 






Nortek 8.10a 

10 6 

306 77, 7% 


-b * L . “ .. 

107% 9% 
47 16 

ft ft 


ft .22 

W8% 04 
27% 20% 
81% 26% 

72 * 431, 
ft 57% 












U90m n SO 8% 

UKy 2 £6 16 2456 74% 

Utty wt £3*4 29% 

Limbed -24 12 U 7682 167, 

LrwNtCn® £5 217 11 

UncNB£1B SI 7 490 437, 

LtacPI 2®a £8 17 23% 

IS 1028 77% 
0 22% 
3178 40% 
£213 172 47 
Loews 1 1.4 11 1887 ft 

Loflkam32 1A 17 179 22% 

' “ 

Udcn pl 2 89 
LacrttdlAO as 7 

ft M 
ft 23% 

a a 

3?b >*% 

26% ft 


41 2S 
401* 25 
15 10 

43% 36 

w 1 * 



LomFnlAO 72 TO 
UmrMTO.46 14. 7 
LoraM wt 

LoraaaWeo 13. a 
LnStar 1® 80S 

ULCo 7 

U. pC 
UL pfl 
UL p9C 
ul pa 
UL pM 
UL p(U 
UL off 
UL plO 

391 16% 
45 I 
181 » 
437 21% 
3134 9% 
n 000(1 
1 82 
270 73 
4 26% 

21 26% 
TO 28% 
9 31% 

144 ft 
80 20% 
2 ft 



... ft 

42% 25% 

ft 20 



LangOr ® £9 M 131 28% 

Loral M £0 12 907 33% 
LeGanl B5 60 7 18 ft 
LaLand 1 3A 236*®% 
LBP8C 90b £810 853 26% 
UP pU4® TO. 18 30b 

UPt (43.18 «. 28 25% 

LouvOC® £2 TO 159 32% 
Lowaa AA £2 14 898 ft 
Lubrd 1® 49 12 0TO 
L*diY* ® £3 17 
LucxySASe 10 4 
Lok ana® Z0 13 

_ 7| 

1902 247, 
239 34% 

8i* 8% 

71% 71% 
ft ft 
18% 19% 
10% ft 
41% 42 
23% 23% 
757, ft 

22% ft 

39% 40 
46 48% 

72 72% 
21 % 22 % 


19% w, 
21 21% 
8% 9 
41 41 

82 82 

73 73 
257, ft 
28% 26% 
28% 25% 
31% 31% 
25% 28% 
20 % 20 % 
21% 21% 
27% 27% 
31% 3H, 
10% 10% 
29% 29b 
27% ®% 
30>* 30% 
25% 25% 
ft 32% 
20 % 20 % 
a ft 
21b 221, 
28% 24 
88b ft 

+ 1 




Low Stack 















ttv YU. I 
17% UOU 142 73 TO 

4% MB 47 

-- MMT n 123 13. 
UFM n 73 M 
MP5 Gnl.W TO- 
MFO n 
Mva Gp 
38% MacmU .72 
S% Malayaa 

10 TO 




























31 . 

S’ 1 









0 u 

20% MfrHatOSB 1L 

*0 MrH p»J09 12- . 

«Hwnvf 1 

1%" Marcde 
44% MaxMkefl* 

17% Marions® 

8 Marltr ni.iS 
8% MridV 6 
24 Marrtol .10 
48 MrahMft.40 

S MatWna 

MarM 1.10 
18% Masco JO 
3*% MaaCp3® 

9% Maamei.l® 
ft Mamj£85e 
7% Manta 
7% ManLod03a 
8 Maxuan 
34% Maxuspf 4 
71* Maxam 
22% MayDSI M 
W% Maytag, 

20 McDr pC® 92 

U McDarfl® BJ 

1% McOrt wt 
5% McDto 20 
31% UcMi SO 

£5 14 



0 36 


0 20 
49 13 
£7 10 
19 TO 





12 15 
£7 8 
3.1 17 


4J 13 

0 IS 
1.1 16 
m m 

1 A 14 












£1 10 
7.1 10 
£0 IS 
W 24 





















__ Mew g 
24% McKaa 1® 

5-16 wfMcLe 
1-1® vfUoL wt 
21 Head a -17a 
18% Mearx % 24 
M MecAral® 

84 Merttm104 

26 Maflan 1AC 

ft MaflanpO® ... 
ft Mellaapll® 80 
44% Motvffl 1® 30 11 

ft Merest* .70 
100% Merck 3® 

4% MwcSLAOb 

23 Mardlh*® 

21% MorLyn 1 

MaaaLP 2 
MeaLPpUJB - 14. 
MesaOei* K 

Meacak 11 

ME ptFS.12 10. 

. MetrFn M 50 3 

3% MeiFd ®r 50 

17% MchER1A4 70 15 
3% MWdby® 19 4 

6% IfidSU 4 

15 MWE 1® 8013 
8% MUW1 .44 47 43 

48 MUM a 1® 39 15 

19% MtanPlI® 70 9 

2% Mitel 1 

32 MobH 2® 5014 
12% Menace ® 10 12 

40% MonCa 
TU, Monrah® 

57 Morisafl® 

29% MonPoe® 

11 Monied 

17% ManSt 100a 
5% MONY .72 
16%. Moor* .79 
TO MaarM ® 

49% Urtic p»® 

27 . Morgnel® 

75 MorgnpIS* 

3% MorgGn 

8% MorKeg® 

45 MoroSt ® 

31% MortCnd® 

14% MtaRtyUBe 
31 Morion M 

8 Malta S 122 TO. 

35 Motorto® 10® 
12% Munfrd 04 
3% Mwwng 

24 MwpO 1 
17% MurryO® 

17% Muatad- 

2. UyerL 

7% Myten 9 


41 IS 


TO 10 
£8 13 
£6 12 
80 . 

£2 13 


£0 T7 











10% NAFCGSSb 70 13 
27 N80 . 1® 30 9 . 

■*% 'NBI • 

25 IfCH • .72 £4 13 

ft NCNB 02 400 

43% NCR 1 1016 

4% n*L kid'.Wa20 •• 






















ft NU * 1® 70 11 
TO NWA ® 23 10 
19% Neeeo a SZ £6 3 
2* Nako 1® 40 TO 
21% Nashua 0S 1.111 
8 NdCrw ®. 4A 
41% NaKHeggP 30 8 
18% NalEdu 15 

1% MEM 13 

16% NalFG at® 8.7 10 
10% HO £52.0 

44% Nil pl 811. 

17% NMedE M . 30 20 
2% (tartaroS 
ft WPraatl® 44 12 

9% NGamf 
44 nsempl 4 80 

3 Nfiamwt 
ft NtSvtnS-64 3013 

7 NStand®! 
ft MH W nl-22* 42 0 
3% Nevtatr 
17, Nov wtA 
1 New wtQ 
1% Nav «C 
12% Nav pflJ 
41% Nav pfG 6 M. 

14 NtamMOSa 0 
10% Narco .64 4 76’ 

16% HevPwal .48 8.19 

11% NwBadOOe £2 
20 NEnga 2 £3 8 

M% NJRac al® £7 M 
W% NPtaRI ® £8 16 211 13 

22% MYSEG204 11, 

78 NYS pl 8® 11. 


into Mr 
78 19% 
75 8 
1544 8% 
4® V, 
1490 8% 
301 10% 
148 7% 

9 1% 
713 49 
205 5% 

8 8i« 

11 fib 

342 ft 
1831 29% 

12 41% 
1398 2% 

8 ft 

675 40% 
43 3 

261 ft 

2473 28% 
2*2 8% 
662 ft 
3518 30% 
1582 ft. 
289 13 
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Continued cm Page 51 




t m ■" _ — 

Financial Times Tuesday November 10 1987 .0 




Hi* Lot 



Bit. W. E 


Continued fro m Page 50 





























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M enndkJOe 
UetrUbl I 

8 347 1S% 


5% 5 5'“% 

51 7ij 7% Tj- % 

8 418 6% 7i, 7% — % 

983 18% 17% Iff,- % 

10 140 Iff, 11% 11%“ % 
284 21% 21 21%+ % 

MtehttL40 11 417 37% 

Mtoorn 9358 7% d 7 7 - % 

36%- % 

MkUCp 158 
MIlIrHr 44 

11 423 6% 77, 77, - % 
2037 77, 7% 7% - % 

81648 W% Iff, 19% - % 
20 455 4% 43-18 45-W 

12 293 7% 6% 7 - % 

346013 47% 45% 47 - % 

6 569 33% 331, 33%- i, 

10 263 10 0% 9%- % 

14 756 U 16% IB 

MIIBpr 32 191100 32 307, 30>!~1% 

M tetter 11 1534 7% 7% 7% - % 

Mined* 1626 a iff, 10% 107,+ % 

Minster 15 USB to IB 18 -1 

MoWCA 22 148 16% 15% 16 - % 

MeMCS 21 186 16% 15% 157, — 7. 

Modi nee 44 11 39 16% 16 Iff, 

UoiBIO 945 10% ff, 10% “ % 

tfotan 18 SN 32% 31% 31% -1% 

MontSv 53 18% U% 14% 

MoocF 1 JO 10 312 22%d20% 21% -1% 
MorgnP 10 142 iff, 17% 10 + % 

Morin, 19 40 11% 11% 11% 

Morron 40 15 222 227, 22% 22% - % 

Uoltbk J Iff 17 16% 16% 

tktitoih BIB 43 « 47% 47*2-1 

N N 

NACRE 33 365 22% 22 22% - % 

NEC .12a 125175 68% 67% 67% -2% 

NEOAX UB 6% 6% 6% — % 

ness 40 a a 11% 11% 11% - % 

NtICtyeIJO 101368 a% 28% 26% -1% 

NCNta 52 15 70 45 43% 46 +1% 

MtCptr 2A 16 716 13% Iff, 13% - % 

NDMa 44 to 61 a 22% 23 - % 



11 121 57, S% 5% — % 

3 407 2% 23-16 2% 

11 270 10% d 6% 0%-1% 

to to ff, to, 9 — a, 

19 147 15% 14% 14% - % 
29 625 15 14% 14% — % 
13 1701 6% 77, 8 - % 

27 543 a 35% 36% — 1% 
23 634 18% 17% 17%- % 


NE Bttt 48 M 21 21 20% 21 - % 

NHmB 48 7 215 11% 11 11%+ % 

MJ Sd .QSa 156 U% 12% 12% - ii 

MM Bd JO W 194 201* 25 2S%- % 

NwftSk 40 10 U 1B% 13% 18% - % 

ftawpt * 56 IS 302 6% 0% S', - % 

NurpPb 2E6 3% 3% 3% - % 

MBie B 40 U 973 17% 17 T7%-% 

NObll .417 2 206 8% d 8% ff,- % 

NbieOr 10tt 2% 2% 2% - % 

Nontone 40 U 17 26% 26 26 

NordMi .10 20 53 17 20% 1ft 20%-% 

NmkB 351 2012 14% d13% 13% -21, 

NAtnCn 1298 2 24% 24% 24% - 1, 

NAmVe 3526 6% S% 6%+ % 

WBep140 X) 2 44% 44% 44% -1 
ttorTrat 4248* 39% & 30“% 

N»NG WB 10 125 19% 18% Iff, - % 

NOTU -86 6 231 22*, 21% 31% - % 

NoreSv 179 tt 0% 9% 9% + % 

NovaPtl. 1597 7% 7 7i, — u 

Novell, 183015 U 17% M -1 
NnxeUs '.40 2D10W 20% 20 20% 

Numre J6 12 110 X) B% 9% — % 

o o 

OM Cp a 241 3% 31, 3% — % 

OcuUrg . 1478 8% ff, 6% + % 

OflllGn 54 U 566 24% 24% 24% + 1, 

0l»Ctel1.a 7 346 381, 35% 36% - % 

OMCnts 50 8x404 217, 201, 20% -t 

OURepJIb 6 134 S% 22% 22%“ % 

OnuiKiitJS tt 486 17% 17% 17% - % 

OltaBC 40 4 605 Iffy 10% 10% - % 

OfWPfit W 291 10% 9% »%- % 

Office 52 TO to 13% 13% % 

Officii M 114 16 U 16 f, 

. Continued on Page 49 


0 Financial Times Tuesday November 10 1987 


Dollar, budget continue to depress Exporters resume sharp downturn 


THE DOLLAR, bonds and stocks 
drifted lower on Wall Street yester- 
day as many investors took to the 
sidelines to await further develop- 
ments, writes Roderick Oram in 
New York. 

Bond prices slipped by about % of 
a point as the continuing decline of 
the dollar sapped some investors' 
confidence. Another negative factor 
was the Washington stalemate over 
budget cuts. 

Stocks opened weakly and fell 
through the morning. Several fee- 
ble attempts to rally failed. The 
Dow Jones industrial average 
closed down 58.85 points at 1,960.20, 
only a few points above its intraday 

Broad market indices also fell 
The Standard & Poor's 500 lost 7.22 
to 243.19 and the New York Stock 
Exchange composite index dropped 
3.69 to 138.35. 

The full resumption of pro- 
gramme trading resulted in only a 
handful of trades with negligible di- 
rect impact on the market. Some 
traders thought, however, that 
some small investors might have 
avoided the market yesterday, fear- 
ing a resumption of the volatility 
which characterised business dur- 
ing the October massacre. 

Overall, NYSE trading volume 
was only 161.2m, its lowest level 

since before Black Monday, with 
declining issues outnumbering 
those advancing by a ratio of more 
than three-to-one. Traders said in- 
vestors appeared to be waiting for 
spur, negative or positive, to per- 
sude them to buy or sell. 

Foreign sellers, particularly Eu- 
ropean unit trusts disturbed by the 
dollar's continuing decline and Wall 
Street’s inability so far to build a 
solid floor to stock prices, were no- 
ticeably active early in the session. 

Takeover stocks were prominent 
among the few rising shares. Time- 
plex rose Sltt to $28%. The manu- 
facturer of equipment for digital da- 
ta transmission networks agreed to 

a takeover by Unisys on the basis of 
a one-fbrone share swap. Unisys 
fell $2% to $30%. 

Other computer groups were gen- 
erally lower. IBM foil $1% to $118%, 
Digital Equipment lost $1% to 
$132%, Apple slipped $% to $22%, 
Hewlett Packard gave up $1% to 
$49, and Cray Research was off $% 
at STL 

Bell and Howell rose $5% to $8L 
Mr Robert Maxwell, the UK pub- 
lisher, has declared a 2J3 per cent 
stake in the publishing and infor- 
mation retrieval systems manufac- 
turer. Ge joins a number of other 
suitors mriufting Macmillan, the US 
publisher, which fdl $1% to $47% 

Seaman Furniture surged $8 to 
$22% in the over the counter mar- 
ket Kohlberg, Eravits, Roberts, the 

leveraged buyout specialists, said it 
would make a £26 a share offer for 
the company mriuriing shares held 
by the Seaman family. 

CNW gained $5 to $25. The Chica- 
go-based railway bolding company 
has received a $30 a share lever- 
aged buyout offer from Gibbons, 
Green, Van Amerongen. 

SEX slipped $% to $53% while in- 
vestors awaited further news about 
offers from the railway, energy and 
real estate group from Henley 

Group HwriiTnaw family of 


A. EL Robins dropped $2% to S17. 
Signs are growing that it will have 
to pay out for more to women in- 
jured tor its Daikon Shield contra- 
ceptive device than planned in the 
takeover offer by Borer. Borer, 
down $1% to $35, has given no indi- 
cation yet whether it will amend or 
drop its offer for Robins. 

Other drug stocks woe also 
sharply lower yesterday. 

Credit markets drifted lower in 
quiet trading with a stalemate be- 
tween bullish bond investors noting 
the renewed weakness of stocks 
and bearish investors worried 
about the l o n g term implications of 
the dollar’s unrelenting decline. 

Short-term rates softened t hank s 
to the downturn in stocks a lthough 
the Row of money from equity into 
credit markets was minor com- 
pared with last month's deluge. 
Three-month Treasury bills were 
unchanged at 5.85 per cent 

Tokyo dragged lower on 
uncertain outlook for yen 


THE UNCERTAIN outlook for 
yen-dollar exchange rates de- 

g ressed buying and dragged 
own prices for the second con- 
secutive session in Tokyo yes- 
terday, writes Shigeo Nishiwaki 
qfJtji Press. 

The Nikkei average slipped 
218.64 Grom Saturday’s close to 
22,41857. Turnover dwindled 
sharply from last Friday's 
627.5m to 247.2m shares, the 
smallest this year, falling under 
the previous low of 357m shares 
registered on February 9. De- 
clines swamped advances by 
676 to 188. with 138 issues un- 

Individual and institutional 
investors kept a low profile as 
the dollar stayed low, hovering 
around Y134 all day on the Tok- 
yo foreign exchange market 
For many investors, interest 
centred on the price movements 
of Nippon Telegraph and Tele- 
phone (NTT), with the Govern- 
ment scheduled to release Us 
second lot of LB5m shares 
priced at Y2.9Sm each. Yester- 
day NTT tumbled Y80.000 to 
Y2.64m on heavy late pro fit- tak- 

some investors are concerned 
the NTT sale will absorb 
Y5J)00bn from the market and 
have a major impact on fixture 
price movements. Others, 
though, expect the dull market 
to regain strength through a 
successful issue rally firmly led 
by high-techs. 

Among best performers was 
Chujitsuya, a supermarket 
cfaain operator, which firmed 
Y50 to Y1.150 and Nagasaldya, 
another supermarket chain op- 
erator, up Y18Q at Y 1,880. 


Nikkei Average index (*000) 

S' vrtV.i**.**: ■. • 'll.)'.*., 


__ J.-j'J.'T *■§!"*■ f£-v£ '•AVtMjv* 

25 yy 

‘.<i . .A. ..a., m M . 

■ .vO 

a*;-. --r 




October 1987 Nov 

Giant-capitals skidded lower 
across the board: Nippon Steel 
the most active with 16,38m 
shares traded, eased Y4 to Y417 
on small-lot selling, Kawasaki 
Steel Y3 to Y333, Nippon Kokan 
Y5 to Y335 and Tokyo Electric 
Power Y90 to Y6, 610. 

Bonds move widely in specu- 
lative trading mainly by deal- 

The yield on the bellwether 
5.1 per cent government bond 
due in June 1996 plunged from 
last Saturday's 4.410 per cent 
finish to 4.130 per cent in morn- 
ing trading on a push by a major 
securities company, triggered 
by expectations for the yen’s 
continued rise and lower inter- 
est rates. It later soared and 
closed at 4500 per cent on prof- 

The Ministry of Finance for- 
mally decided last Saturday to 
issue YTOObn worth of 10-year 
government bonds in November 
at a coupon or5.0 per cent. 

On the Osaka Securities Ex- 
change, share prices dropped 
with export-oriented stocks 
leading the fell 


DESPITE an easier opening, 
the day ended higher in Hong 
Kong as the flow of overseas sell 
orders slackened. 

The Hang Seng index rose 
25.64 to 2,13951 as turnover 
slipped from BSSUbo. to 

Trading was dampened ahead 
of the close of subscription to 
Cheung Kong's HK$105bn 
rights issue which is being sub- 
underwritten by many local In- 
stitutions, normally the most ac- 
tive market participants. 

Cheung Kong, the most active 
issue, gained 10 cents to 
HK$7.00 but was well below its 
rights issue price ofHK$10.40. 

Elsewhere among blue chips. 
Hutchiso n Wh ampoa eased 5 
cents to HK$7.65 against an is- 
sue price of HE $2150 and BK 
Electric added 15 cents to 
HK$7.45 compared with an 
HK$8.00 when issued price. 


THE market remained subdued 
in Singapore where reports that 
the economy is expected to ex- 
ceed previous growth forecasts 
were largely discounted. 

Issues ended mixed after fluc- 
tuating narrowly throughout the 
session and the Straits Times 
industrial index rose 3.08 to 

Singapore Airlines added 5 
cents to S$950, while bargain 
bunting among other blue chips 
sent DBS up a similar amount to 
SS9.05 ana Genting 4 cents 
higher to S$4. 18. 

By late afternoon bond prices 
were marginally tower with, for ex- 
ample, foe Treasury’s 8.75 per cent 
benchmark 30-year bond down % of 
a point at 100% yielding 8 JO per 

The Federal Reserve did three- 
day system repurchases to add re- 
serves to toe hanking system. The 
central bank’s action was a shade 
more aggressive than expected but 
the Fed Funds rate at which banks 
lend reserves to each other barely 
moved from around 6% per cent 


ALL MAJOR Toronto shake 
groups fell sharply as the mar- 
ket trailed a steep early decline 
on Wall Street 

Mines and metal issues re- 
treated on a wide front Noran- 
da dropped C$94 to $20, Alcan 
Aluminium slumped C$194 to 
C$2994 and Comxnco fell C$94 to 

Gold issues sank broadly, 
with Lac Minerals C$9fa down at 
c$8% and 

falling C$94 to C$4594. Placer 
Dome also fell back C$94 to 

Among energy Issues, Shell 
Canad a was C$l/2 lower at 
C$3394, Texaco Canada C$96 off 
at C$2596 and Imperial Oil i?)w 
A down C$2 V6 at C$5794. ‘ 

Seoul rises 
sharply as 
trading ban 
is lifted 

SOUTH KOREAN share prices 
rose sharply in a besy section 
on the Seoul stock exchange af- 
ter the Government moved to 
revitalise the market by lifting 
significant - restrictions eu 
trading, unites Our Markets 

The Composite stock index 
surged 35 per cent en news sf 
the government action, but 
dosed off its highs on late sell- 
ing to recordanet gain of 1U2 
at 48825. 

The Go ve rn me nt «aW it wd 
allow brokerage houses, in- 
vestment and trust firms and 
other institutional i n ve s t or s to 
resume buying of stocks, 
which had been prohibited 
since April 2 this year. It also 
announced a cut in file rate of 
trading commissioa paid by in- 
vestors to brokers and said it 
was considering allowing 25 
new brokerage houses to trade 

Institutional share " pur- 
chases, were banned following 
government concern that the 
stock market was running out 
of control and needed reining 
in. Institutional investors 
were allowed only to sen those 
shares they already held. Pri- 
vate investors were unaffected 
by the ban. 

Critics of the prohibition 
said it distorted tending by ar- 
tificially towering the prices 
of blue chips since companies 
were for ce d to sell shares to 
raise cash they would other- 
wise have been able to eall on 
from market dealing. 

Financial, 6« niMp» —s w- 
stocks led gains yesterday. 
Dai shin Securities rose won 
L390 to won 395M, Dongsuh 
added won L&M to won 43JN 

Chris Sherwell in Sydney examines the divergence of prices for bullion and gold stocks 

An implosion on the gold minefield 

AUSTRALIAN gold stocks, 
down 57 per cent at the end of 
last week from their peak a 
mere seven weeks earlier, have 
lost more ground than the mar- 
ket as a whole because they 
were previously over-bought, 
according to broking analysts. 

But in the wake of the world- 
wide share crash, analysts show 
little agreement on whether 
gold shares still have some way 
to fall or have now come to rep- 
resent good value. 

In thin trading yesterday, 
Australian markets improved 
marginally from their Friday 
elose. when they fell to a 13- 
month low. The All -Ordinaries 
index was up 13.4 points to 
1,250.9, while the gold index, 
covering 44 companies, rallied 
33.7 points to 1,824.7. 

For gold shares this is a small 
shift compared to the move- 
ments of the past three weeks. 
While some gold shares have 
been harder hit than others, 
none has been spared. 

Of the big producers, Western 
Mining stood at A54.97 yester- 
day, down from its September 
peak of AS12.00. Kidston was at 
ASA 10, down from a high of 
A$iai0, and BHP Gold was at 91 
cents, down from A$150. 

Among the smaller groups, El- 
ders Resources dropped to 
AS1.35, having reached a high of 
A$5.78 and Poseidon slid to 
A52.65, down from AS16.2Q. 

The rapidily and severity of 
this plunge in gold shares has 
stunned everybody. At its peak 
on September 21, the gold index 
stood at 4,132. However, there is 
no doubt that its meteoric rise 
was just as remarkable; In May 

1988 the index stood at just 826. 

Both trends have been sharp- 
er than those in the market gen- 
erally. They have also raised 
questions about the link be- 
tween bullion prices and gold 
share prices. On the way up, 
gold stocks were widely seen as 
the easy way into bullion. With 
the share crash, though, the two 
have parted company. 

On October 19, bullion was 
above US$481 at a 4*4 year high. 
It has since gyrated, moving 
down to US$466, back up to 
US$480 and, last Friday, back to 

Although the trend appears 
down, the fell is far less than 
that suffered by equities. The 
decline suggests that general 
worries about inflation built in- 
to the bullion price before the 
crash have since been removed 
because of fears of a recession. 

Either way, bullion prices 
have remained more constant 
in Australian dollar terms be- 
cause the Australian currency 
has weakened from more than 
72 US cents to around 68 US 


GOLDS rallied in Johannesburg 
as investors mew confident that 
the world bullion price will 

The all-gold index gained 69 
points to end provisionally at 
1586 while the overall index 
rose 73 to 1504. 

But some brokers noted that 
the nervousness and downtrend 
were still in evidence and were 
doubtful that the recent sell-off 
had ended. 

For Australian gold shares, 
however, the story Is very differ- 
ent. Last year, the weakness of 
the Australian dollar, coupled 
with the helpful absence of cor- 
porate taxes on gold mining 
companies, helped Australian 
gold shares put on their aston- 
ishing gains. 

These two factors transform- 
ed the economies of gold min- 
ing, putting production costs 
well under half the bullion 
price When international in- 
vestors recognised there was a 
semi-official floor under the 
Australian currency, capital 
flooded in to the Australian 
market and in particular into 
gold stocks. 

On top of this, gold also 
looked generally attractive be- 
cause of worries about Third 
World debt. Sooth Africa’s po- 
litical troubles and concerns 
about a resurgence of inflation. 

Now, in the wake of the share- 
market collapse, bullion still 
looks relatively attractive and 
the economics of production 
more than satisfactory, but gold 
shares have plummeted. 

Randfontein advanced R20 to 
R300, Veal Reefe gained Rll to 
R308 and Southvaal R1250 to 

Among lower priced gold is- 
sues, Driefontein ended B2 
higher at R67 and Hatties rose 

RL75 to B22J25. 

Diamond share Do Beers was 
R2 up at R31.50, while in the 
platinum sector, Impala. ad- 
vanced R250 to R31 and Rns* 
tenbuig gained BZ36 to B3L2& 

The reason, say the analysts, 
is that they were overbought 
Shares were valued on the as- 
sumption of an increasing gold 
price, and investors focused on 
earnings two or even more 
years into the future. 

"With the crash, people expec- 
ted the bullion price to contin- 
ue rising. That hasn’t hap- 
pened,* says one broker. "Many 
share prices were based on 
projects which were only to 
come onstream in a couple of 
years* time. Even now there’s 
some blue sky on share prices. I 
think gold shares have farther 
to fall* 

But Dr lan Story, senior re- 
sources analyst at BZW Mearea, 

is convinced the foil is over- 
done. "Gold shares now offer the 
best value in town. The big min- 
ing stocks were on price-earn- 
ings ratios of 30 to 50 - for too 
high. They we r e driven by over- 
seas buying to unsustainable 
price levels. 

•Now these are back to more 
realistic levels of around 15, 
and the second siring mining 
stocks are even lower, around 
five. As for the explorers, they 
do have problems - they offer 
nothing but hope.” 

In their flight to quality. Dr 
Story adds, fund managers in 
Europe and the US have left the 
Far East, which they regard as 

Analysts say another contri- 
buting foctor to the sharp foil in 
mild shares lies in the Austra- 
lian market itself: When Inves- 
tors have needed cash, they 
have found- in Australian gold 
stocks both the liquidity and 
volume they need. 

INVESTORS in Europe anx- 
iously awaited the outcome of 
talks by central bankers in 
Basle, toping that some degree 
of dollar stability would halt 
the slide on stock markets. Bine 
chips continued to suffer from 
the weaker US currency and 
most bourses saw a quiet day as 
disheartened operators re- 
mained on the si delines. 

FRANKFURT slid sharply 
lower in as worries of a farther 
drop in the value of the dollar 
prompted foreigners to sell 
West German shares. - 

The Commerzbank index shed 
898, more than 6 per cent, to a 
year-low of 15175 - the sharpest 
foil since the 7 per cent drop on 
the October 19. Most shares, 
however, ended off their, ses- 
sion lows. 

The dollar was fixed at a re- 
cord low of -DM1.6729 as the 
Bundesbank made no move to 
halt the decline. 

Deutsche Bank suffered at &3 
per cent drop to DM438 - a loss 
of DM29.50 - while .fellow bank 
Dresdner lost DM11 to DM239 
and Bayemhypo gave op DM22 
to DM323. 

Bonds firmed, however, as 
traders moved out of the lower 

There was a favourable reac- 
tion to the launch of a new fed- 
eral government bond, which 
yielded 651 per cent at issue 
with a coupon of 694 per cent 
a nd a p rice of 10Q50L 

ZURICH followed Frankfint 
sharply lower as worries about 
the US budget and trade defi- 
cits continued to weigh on the 

UNCERTAINTY ever the di- 
rection of the dollar and world 
stock markets was compound- 
ed by the lack of firm news 
from the Basle meeting of cen- 
tral ba nker s, overall d ep r e s s 
ing London equities sharply. 

The FT-SE 100 index dosed 

down 555 at UHSX while the 

The Credit Suisse Index shed 
185 to 4275, : a drop of almost 4 
per cent, to a new low.fbr the 
year. ■ ■ ^ ^ 

West German investors un- 
loaded shares In banks, insur- 
ers ' and holdings. In major 
banks, -UBS tori SFT180 .to 
SFT3JS20,' Swiss Bank shed 
SFr20 to SFr378 and Credit 
Suisse declined SFrlOO to 

Chemical shares were also 
hard hit Ciba-Geigy declined 
SFT180 to SFr2,720 and Sandoz 
lost S FiflOO to SFrlO.OOO. 

AMSTERDAM resumed its 
free-fall as export-led stocks 
took another battering on the 
continuing weakness of the dol- 

The CBS tendency index, 
closed down 48 at 61.6, a foil of 
&4 per cent to a two-year low. 
The weighted ANP-CBS general 
index, computed at mid-session, 
fell 10 l 7 or 3 per cent to 2025. 

With buyers sc ar ce, most 
stocks widened their declines 
as the session progressed, .the 
downturn accelerated after 
New York stocks opened lower. 

In hard hit blue-chips, Akzo 


titedi- FT Ordinary index lest <25 to 
1 world 12325. 

G ov er n me nt bonds, though, 
performed strongly, with gates 
of a farther 4 points in index 
linked gilts on remarks from 
the Chancellor of the Exche- 
quer fast he was prepared to 
cut interest rates further if 

was down FI 6 to FI 88.00, KLM 
shed FI L70 to FI 27:70, Philips 
dropped -FI 2.70 to FI 2750, Roy- 
al Dutch fefl FI 6.50 to FI 198.00 
and Unilever slipped FI 7 to FI 

PARIS nulled itself off earlier 
. Iowa, but fells were still steep in 
-some sectors. The GAC index 
dropped 75 to 2023, a foil of 
355 per cent after tumbling 45 
per cent earlier in the session. 

Recently-privatised Sues 
banking group was quoted for 
the first time since its sell-off 
Trading opened at FFr261, well 
below the issue price of FFr317. 

Leading blue chips were all 
lower, with Peugeot continuing 
its slide below the FFr1,000 lev- 
el. It touched a low of FFI975 
but recovered to close down' 
FFt80atFFx965i Thomson-CSF 
lost FFr16 to FFr765 and Micb- 
elin declined FFr1250 to 

STOCKHOLM ended sharply 
lower as the lower dollar hit ex- 
port-oriented stocks and forest- 
ry Issues. Several blue chips 
posted doable-digit losses, 
s anding the Af fae isv a ar l dente- 
dex 55 per cent lower to 658.0, 

its lowest level since January. 

The market foiled to take 
heart from lower interest rates 
. and rumours that certain corpo- 
rate taxes might be reduced. 

Volvo dropped SKrl7 to 
SEx2S7, Electrolux declined 
SRriJ to SKr 212 and Asea loti 
SKrl3 to SKr302. 

OSLO tumbled to its lowest 
level since April 1985 as coo- 
corn mounted about the falling 
dollar and Its effect on North 
Sea oil revenues. 

The all-share index dropped 
19.75 to 2S454 in low turnover as 
investors stayed away. 

Norsk Hydro sank NKrZl to 
NKrl43 despite announcing a 
dramatic Increase’ In third 
quarter profits. 

SIZLAN slumped to a sew 1987 
low as a heavy, sell-off sent 
prices broadly lower and the 
MIB index dropped 354 per 
cent to 68L 

Political tension in the coali- 
tion government over redrafting 
the 1988 budget and the threat 
of a general strike hung over the 
market and aggravated the ner- 
vous mood. 

Bine chips suffered in the 
sell-off Fiat fell L535 to L7565, 
Montedison declined LI 08 to 
LL430, Pirelli lost L101 to 
15,470 «d Olivetti drooped 
moto L4510. 

HELSINKI remained wary of 
developments on world m a r kets 
and slipped quietly lower with 
blue chips continuing to he af- 
fected by the fewer dollar. The 
Unites all-share ''index closed 
05 percent lower. % - 

MAPRIP was cloaed for a lo- 
cal holiday. 

Belgian utilities ease the shock 

INVESTORS in Belgian shares 
are taking flight to the country's 
local electricity boards In an at- 
tempt -to insulate themselves 
against market shocks, writes 
'9Wom Dawkins m Brussels. 

Utilities on the Brussels stock 
market have held up surprising- 
ly well irithe chaos, inflicted by 
the world collapse In equity 
prices and the local uncertalnt- 
ly created by the resignation of 
Mr Wtlftied Martens as Prime 

While the market as a whole 
has lost more than 30 per cent of 
its value- since its mid-August 
peak, Ebes and Intercom, the 
main electrical supply compa- 
nies, have only lost 20 per cent 
of tbeir value. 

With their net yields of 

around 55 per cent, the big for- 
eign Institutional i n v e stors see 
them as a safe alternative to 
more juice sensitive issues. ' 

"When everything is slowing . 
-down, high yields and low 
growth are' seen as the most pru- 
dent strategy,*: says .Mr Patrick 
Vermeulen, an analyst at stock- 
brokers De Waav. 

If utilities have withstood the 
shocks well, formerly highly rat- 
ed Belgian retailers have been 
the hardest hit, with GB-Inno 
and Delhaixe both down 45 per- 
cent since the bull market’s fi- 
nal mid-August fling . 

The Brussels market’s most 
distinguished casually has been 
Societe Generate do Bdgiqiia 
the country's biggest industrial 
and co m merc i al holding compa- 

ny. Its shares "yesterday lan- 
guished at BFr&SlQ, a 45 per 
cent decline from - their 
BFr4J00 peak in July. 

The evaporation of earlier- 
speculation that a bidder was 
about to pou nce and th e luke- 
warm reception given to- fee- 
group’s BFrttm - share Issue: 
have left Societe Generate as 
fee market’s unloved giant 

"Apart from Societe Generate, 
the market as a whole seems 
oversold,* says- Mr Marc, de 
Brouwer, -head analysts for 
stockbrokers petercam. *You 
have fine industrial ; compabies 
on price earnings ratios of five 
or six in good shape and easily 

able to mnin>nH> their divi- 
dends even in the event of a re- 
cession. That is not justified.' - 

In that catgeory, he Includes 
Solvay, the chemicals group, 
CBR, the cement producer and 
Galverbel, the glass maker. 

.. Overall, fee Belgian market 
stands on s p/e of almost 95, 
where >the net. yield is 4 pea- 
. cent: The ' consensus among 
Brussels brokers is feat ft does 
not have much farther to fall. 

Mr Martens* resignation was 
prompted by . his centre-right 
Government's inability to patch 
up an eccentric - but fundamen- 
tal - la n g u age dispute- involving 
the French speaking mayor of a 
Flemish area. 

The crisis lues, to the corpo- 
rate sector's dismay, brought a 
halt to the Government’s re- 
forming and budget cutting ef- 

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In 1919 Fredrik R. Bull started with the seed of a 
good idea. To produce a more efficient statistics 
processing tabulator: 

Nearly seventy years later Groupe Bull is in the same 
business of data processing and communications. Though 
of course, the business now is light years away in terms 
of sophistication, innovation, application and breadth. 

Bull is now an international business, operating in 
75 countries with 26,800 employees (without counting 
Honeywell Bull Inc.). And it is the second largest sales 
network in the world. 

This remarkable success hasn’t happened just by 
accident It has taken careful nurturing. 

In particular the last three years leading up to the 
recent agreement with Honeywell and NEC have 
proved the most fruitfuL 

We knew then that we had a unique opportunity. 
We could provide the market with a genuine alternative 
source for all their data processing and communication 

But to do this we needed support. It was then that 
we hit on the solution. A very simple formula. 


By working with our customers on their individual 
problems, together we could not only produce adequate 
solutions, but also we would benefit from having a 
deeper understanding of the market needs. 

So the first objective was for Bull to become 
flexible enough to be able to respond effectively to the 
individual needs in an international market. 

To achieve this we decided to develop inter- 
communicating systems that were not only adaptable in 
the extreme, but that respected our customers* freedom. 
In other words, systems that would allow any individual 
workstation to plug direcdy into other data processing, 
telematic or office automation services on the system. 

Everything that we have done for years in terms of 
development has been done in line with this strategy. 


The competitiveness of a company today depends 
oil the quality of its people and the uses made of its 
ital of information. By developing systems that can 
communicate more freely with each other; Bull brings 
its customers more efficient circulation o£ but also 
interaction with, their total capital of information. 

For Bull’s customers, this greater freedom to 
communicate means greater freedom to choose, to 
combine and, ultimately, to grow. 

Freedom to choose among large and medium 
systems, among scientific and industrial minicomputers, 
among distributed data processing and office automation 
systems, among professional micro-computers. 

Freedom to combine, allowing Bull’s products and 
systems to be integrated into existing structures, even 
those made with material from other manufacturers. 

Freedom to grow, because Bull is dedicated to 
adapting itself and its solutions to the evolution and 
growth of its customers. 


To symbolize Bull’s commitment to communication, 
growth and flexibility, the tree was a natural choice. 
Constantly evolving, with its roots in solid ground and its 
branches reaching for the sky, the tree is present 
throughout the world, in as many shapes and sizes as 
there are businesses and organizations. 

Small trees, like small systems, need to be nurtured 
in order to grow. And as they grow, circulation, be it of 
information, or of life-giving sap, is of the utmost 
importance. . . 

To do this, the tree must draw on all the resources 

in its environment The larger the tree - or the system - 

grows, the more it must communicate, interact and 
exchange, across time and across space. 

This growth happens naturally, but not always 
predictably, and it is Bull’s strength to have understood 
that companies need the freedom to expand in a way 
that is germane to their specific concerns and needs. 



Growing out of our aim to put Groupe Bull at the 
forefront of the world computer market by 1990 was 
our agreement with Honeywell and NEC to form 
Honeywell Bull Inc. 

This not only gives us the complete spectrum bf 
computer hardware and software we need for the benefit 
of our customers. But it will also add considerably to our 
detailed understanding of the global market, and give us a 
worldwide presence and size to free market requirements. 

For Groupe Bull, control of Honeywell Bull Inc. is 
furthermore an outstanding opportunity to complete its 
European presence and gain access to the US market by 
benefiting from the dose ties established between Bull’s 
teams and those of Honeywell over the past 17 years. 

In the light of this agreement, the expansion of co- 
operation with the Japanese group NEC is in keeping 
with Bull’s strategy of alliances in which it is presently 
engaged with European industrialists. 


Heavy c ommi tment to a continuing program of re- 
search has to be at the root of all our future developments. 

Our program is as investments 
deep as -it is broad -to M 

give us the strongest of 3.1 

foundations. And it is- . : ■ V.J 

carried out in line with ; ' ■ j '. v 

our strategy of coopera- \ ~ ^ 

tion in partnership with 
both university and 

industrial laboratories. e b* ss b6 

o r FTTJ Research and I | Industrial and 

bo, tor instance, Lilii Development I I Commercial investments 

in conjunction with other major European computer 
companies, we are exploring the area of artificial intel- 
ligence and the products that can be developed from it. 

We are involved with our customers to help 
them improve the efficiency of the software they 
have developed themselves. 

We are part of a consortium that has developed the 
software now adopted by the European Esprit program. 

In fret, on the Esprit program alone, we are partici- 
pating in over thirty projects with more than a hundred 
different partners in industry and the universities. 


True to its goal to remain in the vanguard of 
technological innovation. Bull is constantly seeking 
out new and better ways to meet its customers’ 
information processing needs. Examples of this 
commitment to developing solutions are to be found 
in the products Bull has recently introduced. 

In the area of general purpose data processing, for 
instance. Bull’s new DPS 7000 midframe computers 
are a case in point. 

The result of an ambitious program of research and 
development; Bull DPS 7000 is a departmental system 
which combines versatility with ease of operation. 
Already, it has gained the respect and admiration of 
computer professionals the world over As a matter of 
fret, the Bull DPS 7 range of systems was given top 
ranking in the 1987 Datapro Research Corp. report on 
user satisfaction in the U.S. 



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Or; in the area of minicomputers, the new Bull DPS 6 Plus is a state of the art product 
particularly well suited to the fields of co mmuni cation, office automation and telematics. 

The Bull DPS 6 Plus not only represents a giant leap forward in terms of flexibility and ease 
of use, but is specifically designed for the rapidly evolving concerns and needs of its users. In this, 
it embodies one of Bull’s key precepts: continuity through adaptability. 

On a somewhat different - but no less important - scale, Bull has developed the Bull CP 8 * 
electronic micro circuit card. 

With its indelible logic memory and microprocessor; the Bull CP 8 * card can be used to 
control access to central computers and data bases, while protecting the privacy of data transmitted 
over public and private networks in remote data processing and telematic applications. 

Already in use as a means of electronic payment, the Bull CP 8 * card also provides the possibility 
of creating portable individual files, containing personal and confidential data. 

With these products and others, Bull is steadily and co ntinually br anching out into the future. 
* Innovatron Licence patent. 


Not only present but vitally active in the four main areas of information processing, Bull has 
amply proven its ability to come up with creative, coherent and relevant solutions. Whether it be 
general purpose data processing, scientific and technical data p 

processing, distributed processing and office automation or ^^ ] || s' N. 

professional micro-computers, Bull offers well-rounded / bull dps M bullspsl^ 

4 <• , . I J L ] processing 

ranges or products to its customers. V f J 

Like the branches of a tree, these four areas couldn’t — bq/dsa — 

exist coherendy without a system of circulation, enabling f V J \ 

them to work together within a single network of infer- proeeMUjg l QUESTAR ly MICRAL J Professional I 
mation. Bull’s ISO/DSA network architecture does just that mUSL ^ 

Developed in line with international standards, ISO/ ! : : 

DSA is designed to allow the various systems to communicate within homogeneous or mixed 

This is just one more way that Bull guarantees its customers freedom of choice. With ISO/DSA, 
from the smallest network up to the largest, smooth evolution is ensured, even with structures 
involving elements built by other manufacturers. 

At Bull, we’ve understood that intercommunication is what holds a sound information 
processing system together 


In one way, our business is all about intelligence. And that is a human ability which is totally 
dependent on the quality of our international staff A team of 26,800 men and women. 

We believe the more we help these individuals develop their talents, the more we 
encourage them to cooperate and to work as a team, the more it will benefit our customers, 
ourselves and our staff. 

To this end, Bull created a special quality control division in order to ensure no-fault 
performance at every level of the group’s operations. Each of Bull’s 26,800 employees, from the 
receptionists right up to top management, has taken an extensive quality training program to 
guarantee Bull’s customers complete satisfaction, whatever their specific needs or requests might be. 

As we believe so strongly in working in partnership with our customers, we carry out a 
multinational annual survey of customer satisfaction with the aim partly to correct any faults in our 
services, but mainly so that we can anticipate any changes in their needs. 


The policies which were first implemented en 1983 are beginning to bear fruit. The 
financial situation continued to 

improve during 1986. Net profit HBHEKEP 11 ” S^.?p£^S^ ErRESULT 

was up more than two and a 

half times over the previous I 17 . 79 *] 

year: FF 271 million in 1986 

compared to FF 110 milli on in l3J}96 /j 

Revenue was also up, 

10.5% to FF 17.8 billion, 
including FF 6.1 billion realised 
outside France. 

Cash flow represented 

9.8 % of revenue and was up to Jj ± jr jj u » B 

FF 1,741 million in 1986 against 

FF 1^318 million in 1985. Fwi " * p®™*" ™ ^ *■* E— 1 >**« 


(<n miUioin of French fhnctj 

Foreign lain 

Net Retain 

Bull and its customers indeed form a winning team. 
Bull. The tree of communication. 

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